WORLD BUSINESS NEWSPAPER

THURSDAY 12 MARCH 2015

UK £2.50 Channel Islands £2.80; Republic of Ireland €3.00

On trial

‘I simply was wrong’

Oh to be old at work

A sex claim case that challenges venture capital — JOHN GAPPER, PAGE 15

Warren Buffett and the advantage of admitting one’s mistakes — PAGE 16

Labour market is biased against the young — CHRIS GILES, PAGE 15

Dilemma for Fed as dollar strengthens The euro fell closer to dollar parity, as the US currency’s strength heightened the conundrum facing the Federal Reserve as it prepares for its first interest-rate rise in nearly a decade. The euro dipped under $1.06 as European Central Bank president Mario Draghi credited the cheap single currency with helping to reverse the eurozone’s slowdown. The Fed has a policy meeting next week when it is expected to lay the groundwork for a rate increase. The dollar’s gains are partly due to the prospect of higher US rates and stronger growth. But the strengthening is squeezing earnings of exporters and US groups with global operations, sparking concern for policy makers. US dilemma page 10 Lex page 18 Short View page 19 Exchange rate bounty page 21 Markets pages 32-33

Briefing i European banks fail US stress tests The Fed has vetoed the US capital plans of Deutsche Bank and Santander in a stinging rebuke for the European banks. Every US lender passed the stress tests, paving the way for the biggest payouts to shareholders since the crisis. — PAGE 19

Jan 23 2015

Euro against the dollar

1.12

$ per €

i Plain cigarette packets face challenge

Dec 16 2014

Cigarettes will be sold in unbranded packaging by May next year after MPs backed a measure, the effectiveness of which is disputed and which tobacco groups have vowed to challenge.— PAGE 2

1.25

i China factory output slows

Mar 11 2015

1.05 (latest)

Photo: AFP

i Endo gatecrashes Salix bid party

3 Proposal to allow 6m existing pensioners to cash in 3 Industry reforms pushed further Plans to give millions of pensioners new flexibility to sell their annuities for cash are under serious consideration by ministers before next week’s Budget. The proposals build on far-reaching reforms of the pensions system announced last year. Plans to give annuity holders the option to convert their guaranteed income into a cash lump sum will be discussed by the coalition’s most senior figures tomorrow, according to Whitehall insiders. The proposals would arguably be even more radical than chancellor George Osborne’s surprise announcement last year that 320,000 savers a year with “defined contribution” pensions would no longer have to buy an

Financial Times scoops UK journalism awards The FT won Business Team of the Year at the UK Press Awards for its 2014 series: The Silver Economy, China in Europe and Big Tech at Bay. The judges cited its record in working ‘strongly across all platforms and disciplines to make business relevant’. Pilita Clark, environment correspondent, won Specialist Journalist of 2014 for World Without Water. Janan Ganesh, political columnist, was highly commended

annuity. That promise, which will come into force in April, caused shares in pension and retirement companies to plummet on the day of the 2014 Budget but was welcomed by many savers. Ministers are now considering going much further by potentially allowing any of the existing 6m pensioners — who missed out on last year’s reforms because they were already locked into annuity contracts — an escape from those agreements. Pension experts said the measure would be popular with voters who were unhappy with their annuity deals. Ros Altmann, an independent pensions expert, said it was aimed at people who had bought annuities and wished that they had not. “Over the past few years, annuity rates have fallen significantly, so that

the amount of lifetime pension income customers received has been much lower,” she said. “Some people have been happy to buy an annuity and, if they had help to choose the right type of product and get a good rate, they may well be satisfied. However, there are many, many people who would love the chance to revisit their purchase.” Under the new proposal the government would consult on options that could pave the way for insurers to bid to buy pensions from people, who were not their original customers, on a secondary market. Pensioners would be able to convert their annuity income into cash up front. Pensioners are the most likely age group to vote in May’s general election and the most likely to back the Tories.

KATHRIN HILLE — MOSCOW

Russian opposition leader Alexei Navalny has called on the west to impose travel bans on dozens more oligarchs and officials loyal to president Vladimir Putin, including Chelsea football club owner Roman Abramovich, and members of their families. “You can draw up a blacklist of about 1,000 people who will no longer be allowed into western countries, and you can do it quietly, without any big announcement,” Mr Navalny told the Financial Times. “But you have to hit the propagandists of war, the ones who finance the war, the real party of war.” His comments reflect growing frustration among the Russian opposition and some western governments at the perceived failure of sanctions to force a change in the Kremlin’s policies

on Ukraine. The US and EU have imposed curbs on individuals closely connected to the Putin regime and involved in the annexation of Crimea and the fighting in eastern Ukraine. They have also restricted access to western financing for big state-controlled banks and oil companies. Mr Navalny, a lawyer and anticorruption blogger who has long been a thorn in Mr Putin’s side, was released last Friday after 15 days in prison for distributing leaflets on the metro about a planned protest. Taking stock of the grim situation in which Russia’s opposition finds itself after the murder of veteran activist Boris Nemtsov on February 28, Mr Navalny said Mr Putin was bent on ruling until the end of his life, and systematically installing the younger generation of families from his inner circle in

CURRENCIES Mar 11

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Printed in London, Liverpool, Dublin, Frankfurt, Brussels, Milan, Madrid, New York, Chicago, San Francisco, Washington DC, Tokyo, Hong Kong, Singapore, Seoul, Dubai

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Annuity trade-in idea page 3

positions across Russia’s economy. His tone was more pessimistic than at any time since a protest movement against electoral fraud and Mr Putin’s return to the presidency crumbled under intense government pressure in 2012. “A few years ago, we thought this was just nepotism, but now we realise that this is long-term planning: he is installing dynastic rule,” Mr Navalny said of Mr Putin. He said that only a different set of western sanctions targeting all the clans that help Mr Putin control Russia’s wealth could change things. Mr Navalny, referring to two of Russia’s richest men, said: “[Alisher] Usmanov, Abramovich, and their families — if they can’t get to their residences in London or in Switzerland, that will make a difference.” Struggle for one voice page 8

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Ros Altmann

World Markets STOCK MARKETS

© THE FINANCIAL TIMES LTD 2015 No: 38,800 ★★★

‘There are many, many people who would love the chance to revisit their purchase’

It is understood that a consultation, carried out by the Financial Conduct Authority, would be needed on ways to regulate resales of annuity income. In 2013, before the pension freedoms were announced, total annuity sales were nearly £12bn. The idea has been championed by Steve Webb, the Liberal Democrat pensions minister, who has been examining proposals to extend last year’s freedoms. Mr Webb said last week the government was still considering options that would see insurers bidding for pensioners incomes. The policy could be controversial as some experts say a second-hand market would be unworkable and lead to consumers getting poor deals. Ministers declined to comment.

Navalny urges west to hit Kremlin allies like Abramovich to raise heat on Putin

Subscribe In print and online www.ft.com/subscribenow Tel: 0800 298 4708

i Alibaba deal vaults Snapchat to $15bn Alibaba has invested $200m in Snapchat, valuing the app at $15bn, a 50 per cent rise since the end of last year and another vindication of the decision to reject a $3bn takeover by Facebook.— PAGE 19

Coalition eyes annuity escape plan JOSEPHINE CUMBO AND JIM PICKARD

China’s economy slowed in the first two months of the year, with retail sales easing and industrial production at its slowest pace, excluding the financial crisis, since records began.— PAGE 10; LEX, PAGE 18

2.31 ¥ per £ 0.28 € index

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prev 0.934 US Gov 10 yr 0.663 UK Gov 10 yr

1.409 Ger Gov 10 yr 128.487 129.802 Jpn Gov 10 yr 91.929

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Endo is trying to gatecrash one of the biggest pharmaceutical takeovers of the year by offering $15.7bn to acquire Salix — topping a lower, all-cash offer of $14.5bn from Valeant.— PAGE 20

i Greece demands €160bn from Germany Athens is demanding €160bn in compensation from Germany for a forced loan to Nazi occupiers during the second world war, as it begins talks with its creditors over a new bailout.— PAGE 11

i BoE decided to keep quiet over inquiry The Bank of England decided in December to conceal the Serious Fraud Office’s move to open a criminal investigation into allegations over financial crisis liquidity auctions, officials admitted.— PAGE 2

Datawatch US crude oil stocks Billion barrels 1.2 1.0 0.8 0.6 1982 90

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Source: US energy information administration

10 15

US crude oil stocks jumped to their highest level last week — 1.13bn barrels — because a global oversupply has been created thanks to Opec maintaining production while demand from Asia has slowed

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2

FINANCIAL TIMES

Thursday 12 March 2015

NATIONAL Commons vote

Liquidity auctions

Tobacco groups vow to fight packaging law

BoE decided to withhold disclosure of SFO inquiry

Big majority of MPs backs rules to remove branding from cigarette packets KADHIM SHUBBER AND MARK ODELL

Cigarettes in the UK will be sold in unbranded packaging by May next year after MPs voted to introduce the controversial measure, which tobacco companies have vowed to challenge in court. MPs voted by a large majority to pass the measures yesterday, which will coincide with the introduction of EUwide rules banning menthol cigarettes and requiring larger health warnings on packets. The vote — 367 in favour and 113 against — makes the UK only the third country to pass plain packaging legislation after Ireland and Australia, which is still defending its law in a case before the World Trade Organisation.

Imperial Tobacco, the UK’s leading seller of cigarettes, had said it would sue the government to defend what it called its “valuable intellectual property”. British American Tobacco said it would commence a legal challenge. Jerome Abelman, BAT corporate and regulatory affairs director, said: “This legislation is a case of the UK government taking property from a UK business without paying for it. That is illegal under both UK and European law.” Shares in Imperial and BAT fell 0.29 per cent and 0.7 per cent respectively after the vote. The House of Lords is expected also to vote in favour of the measures next week. The effect of plain packaging has been fiercely contested, with advocates arguing that it will prevent children from becoming attached to brands and critics claiming it will boost illegal sales. Evidence from Australia, which was the first country to introduce plain

packaging in 2012, is disputed. While there is evidence that smoking rates have fallen at their fastest rate in decades since branding was removed, opponents of plain packaging say the decline is a continuation of long-term trends and point to other evidence suggesting illicit sales have risen. Shares in Imperial and British American Tobacco fell 0.29 per cent and 0.7 per cent after the vote

The UK government has said there is no evidence that plain packaging will have “a significant impact on the overall size of the illicit market”. James Barge, director of corporate affairs for Philip Morris International, maker of Marlboro cigarettes, said: “Today’s decision is an irrational and

unnecessary attack on private property that vilifies products that well-informed adults choose to buy. While we respect a government’s authority to regulate in the public interest, we and the public expect them to do so based on evidence, taking account of fundamental values such as private property, equal treatment and consumer choice. Following this decision, we are prepared to protect our rights and to seek fair compensation for the value of our property.” Deborah Arnott, chief executive of health charity Ash, said: “The government, and MPs from all parties, are to be congratulated for resisting the bullyboy tactics and misinformation of the tobacco industry and for implementing the most important public health reform of this parliament.” The plain packaging law was challenged by the tobacco industry in Australia’s high court, which ruled on behalf of the government, saying it had a right

to regulate products in order to prevent or reduce harm. Although the tobacco industry claimed that its property was in effect being seized, the court rejected the argument on the basis that the government was not acquiring any property. BAT believes there would not be a similar test for a challenge under EU law. Article 17 of the EU Charter says that “fair compensation” must be paid if the government seizes “possessions” and that “intellectual property shall be protected”. One lawyer said the legislation could open the way for action on packaging of other products that pose potential health risks. “What is next: chocolate or fizzy drinks sold in plain packaging to encourage consumption in moderation? Alcohol? The wider consumer-products industry has good reason to be very concerned about this development,” said Tom Scourfield at law firm CMS.

Fanciful hats and eye-catching outfits were on fine form among racegoers at Cheltenham’s Ladies Day yesterday. The Queen Mother Champion Chase, the top race of the day, was won by Dodging Bullets, a horse bred by Frankie Dettori. The former champion flat jockey watched as Sam TwistonDavies road the 9-2 chance to a narrow success. Dettori said: “I watched it with the owners . . . my legs were shaking a

little bit. Sam gave him a fantastic ride. He jumped like a stag and he guts it out to the line.” Dettori has dipped his toes into the world of bloodstock but said he had expected to produce a horse capable of shining on the flat, rather than over jumps. He said: “It was meant to win the [Epsom] Derby but this is the second best — the equivalent of the 100 metres final at the Olympics.” Reuters

Interview. Dave Clark

Police demand all credit card frauds are listed as crime Offence is downgraded to an ‘information report’ if victim is refunded, says chief detective HELEN WARRELL — PUBLIC POLICY CORRESPONDENT

The omission of millions of credit card frauds from official crime statistics each year is a “travesty”, a senior police officer has warned. A loophole in government rules means that they are removed from the record. Dave Clark, head of economic crime at the City of London Police, said his role overseeing national fraud and cyber crime reporting across the UK was being “restricted” by Home Office regulations that do not recognise credit card fraud as a crime if victims have been reimbursed by their bank. As the general election approaches, Conservative ministers have hailed successive publications of the official crime survey that show crime falling each quarter to a new low. Overall, the number of crimes has dropped by 63 per cent since its peak two decades ago. But while the survey has documented a reduction in crimes such as vehicle theft and burglary, it does not include data on the growing number of cyber offences, and in particular fraud online. Last summer the Office for National Statistics, which publishes the crime survey for England and Wales, admitted that including bank and credit card fraud in the headline crime figure would add up to 3.8m to the total number of offences, an increase of more than 50 per cent. According to Financial Fraud Action UK, which receives crime reports directly from industry, the financial value of online banking fraud losses rose 71 per cent in the first half of 2014 to £29.3m, up from £17.1m during the same period in 2013.

Detective Chief Superintendent Clark, who oversees the UK’s National Fraud Intelligence Bureau as well as Action Fraud, the national fraud reporting network, estimates that police are aware of only a fifth of the frauds that happen that the remaining four-fifths go unreported or unseen. DCS Clark suggested both the government and financial institutions were responsible for the gap in the statistics. Under the current rules, a victim of credit card fraud who is refunded by the bank ceases to become a victim, since their crime report is downgraded to become an “information report”. The incident is only reinstated as a crime if the financial institution that has issued the refund informs the police. DCS Clark and his superiors at City of London Police are calling for new regulations that compel institutions to report frauds after they have reimbursed those involved. “Our system has to operate within that boundary. And if we don’t see reporting from institutions that have reimbursed, then we aren’t going to be able to deal with that crime,” he said. “If I’m a victim of credit card fraud . . . and I’m refunded the money . . . that doesn’t take away from my mind that I’m still a victim, and I’ve had a whole lot of grief in my life,” he said. “I’ve had a whole lot of hassle for the last three weeks rearranging everything because of that fraud. As far as I’m concerned I’m still a victim, and I have absolute sympathy with people across the UK that are in that position.” “I think it’s a travesty that we haven’t worked out a way to make sure that either financial institutions are under obligation to report the crime, or we’re able to reflect that in our Home Office counting rules,” he added. Action Fraud received just under 213,000 crime reports from the public and nearly 392,000 from industry in the year to September 2014.

Well groomed Ladies Day at Cheltenham

CHRIS GILES — ECONOMICS EDITOR

The Bank of England took a decision last December to conceal the Serious Fraud Office’s move to open a criminal investigation into the bank, officials admitted yesterday. Facing accusations of a lack of transparency, the central bank conceded that it was under no direction from the SFO to keep the matter quiet after December 16, but had taken an internal decision not to publicise the fact of the criminal investigation. The investigation is into alleged misconduct linked to the liquidity auctions run by the BoE in UK money markets at the height of the financial crisis in late 2007 and 2008, before the launch of its quantitative easing programme. It is not yet clear whether bank employees were involved in misbehaviour and the SFO has not yet decided whether to lay charges. The BoE’s move to clarify its role came after Mark Carney, bank governor, said in parliament on Tuesday that the central bank had been advised not to reveal the investigation. The SFO has explained that from the point that it opened its criminal investigation in December, it made clear that it was up to the bank whether or not to make it public. Mr Carney told a House of Lords committee: “We were under advice then . . . to keep this investigation in confidence so as not to run any risk of prejudicing the investigation,” he said. “These are serious issues. It’s paramount they are investigated properly. I don’t want to do anything that might jeopardise that.” BoE officials yesterday stressed that these words referred to the period between November 20 and December 16 when the case had been referred to the SFO, but no decision had been taken whether to launch a criminal investigation. The SFO accepts that it advised the BoE not to comment until it had taken the decision on December 16 to launch the full investigation. After that point, the SFO told the BoE it was free to reveal that it was the subject of a criminal investigation. For almost three months between December 16 and March 4, the BoE chose to keep the criminal investigation under wraps and refused even to confirm that there was a separate investigation under way at the central bank, despite the fact being reported in the Financial Times as early as November. The efforts of the BoE and the governor to suggest it had no choice in whether to reveal the criminal investigation highlight the acute sensitivity of the subject in Threadneedle Street. The bank still refuses to confirm whether the SFO’s investigation refers to potential criminality of BoE employees, former employees or traders who dealt with the BoE. It has said that no current staff have faced disciplinary sanctions, which suggests that the matter might relate to former employees of the BoE. No former BoE employees have come forward to confirm or deny they are the subject to the SFO’s criminal investigation. The BoE only confirmed the story after the SFO accepted there was an investigation following questions from the Financial Times.

David Davies/PA

A private bank unlike any other.

Regulator standards

Data

Top lawyers criticise FCA’s ‘rushed’ forex investigation

Fall in manufacturing output deals blow to recovery hopes

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Published by: The Financial Times Limited, Number One Southwark Bridge, London SE1 9 HL, United Kingdom. Tel: 020 7873 3000; Fax: 020 7407 5700 Editor: Lionel Barber Subscriptions and Customer service: Tel 0800 028 1407; [email protected]; www.ft.com/subscribenow Advertising: Tel: 020 7873 4000; [email protected] Letters to the editor: Fax: 020 7873 5938; [email protected] Executive appointments: Tel: 020 7873 4909; www.exec-appointments.com Printed by: St Clements Press (1988) Ltd, London, Newsprinters (Knowsley) Limited, Merseyside and Smurfit Kappa News Press Ld, Kells, Ireland ©Copyright The Financial Times Limited 2015. All rights reserved. Reproduction of the contents of this

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Lawyers have criticised the UK’s investigation into manipulation of the foreign exchange market as a “rushed job” that resulted in “arbitrary” fines, according to an international ranking of regulators’ methods. Lawyers surveyed by the Global Investigations Review “singled out the FCA’s [Financial Conduct Authority’s] forex investigation for particular criticism”, according to the legal magazine’s 2015 “due process” report. “They said it was a rushed job.” GIR, a London-based publication owned by Law Business Research, uses feedback from about 200 top lawyers and specialists to rate regulators and prosecutors on the fairness of their processes. The grade it assigned to the FCA fell from A to A- this year, as lawyers questioned the watchdog’s reliance on internal bank investigations. For reasons of financial confidentiality, bank probes do not always have to provide full disclo-

sure, making it impossible to establish how thorough they have been. In November, Tracey McDermott, director of supervision and authorisations at the FCA, rejected claims the agency had been soft on banks by using information from their own internal investigations. She said FCA staff had spent “45 man-years on this investigation” and had “deliberately taken a very focused and targeted approach”. The GIR report said “lawyers on the whole commended the FCA, but a few raised due process concerns”. Among them were criticisms that the forex fines “were arbitrary and had little relation to the misconduct in question”. The FCA’s investigation into forex manipulation concluded in November, with £1.1bn of fines levied on Citibank, HSBC, JPMorgan, RBS and UBS. David Vascott, editor of GIR, said: “We had some fairly significant complaints about some of the ways [the FCA] does things . . . but overall UK agencies are very good on a global scale.” The FCA declined to comment.

EMILY CADMAN

Manufac turing output fell unexpectedly in January, dealing a blow to hopes the sector was recovering after a weak spell in the autumn. After more positive recent survey data and signs the eurozone economy was starting to improve, the consensus expectation was for a small expansion. But data published yesterday by the Office for National Statistics showed manufacturing output shrank by 0.5 per cent in January compared with the previous month, led by a sharp fall in computer and electronic products. Industrial production — a measure that includes manufacturing and industries such as mining and quarrying — also declined, falling 0.1 per cent. Compared with January 2014, industrial production rose 1.3 per cent, and manufacturing output went up 1.9 per cent. Both measures are still substantially lower than before the downturn. Almost all economists described the figures as “disappointing”, but most

were at pains to stress grounds for optimism remained. Lee Hopley, chief economist at the EEF manufacturers’ organisation, said sectors exposed to the oil and gas industry suffered falls in output because investment projects had been cancelled or postponed, but those that used oil as a raw material had enjoyed a boost because of price falls. “Overall we’re still expecting robust growth in manufacturing this year as global uncertainty levels out and expectations among most manufacturers remain strong,” she said. Chris Williamson, chief economist of data company Markit, said while the weaker industrial production figures “bode ill for GDP in the first quarter . . . growth looks poised to revive, based on both survey evidence and indicators of financial conditions facing households and businesses”. But others warned that with sterling at its highest level against the euro since late 2007 and the eurozone economy still weak, demand for manufacturing goods was likely to remain subdued.

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Thursday 12 March 2015

3

FINANCIAL TIMES

NATIONAL

Annuity trade-in idea draws mixed reaction Critics see risks of poor value for retired people in plan for a second-hand market where they could sell on pensions JOSEPHINE CUMBO — PENSION CORRESPONDENT

Hundreds of thousands of people retiring each year have until now had little choice but to turn their pension savings into a guaranteed income in the form of an annuity, bought from an insurance company. But while it may deliver peace of mind in retirement, the annuity has developed a toxic reputation in recent years as rates slumped to record lows, meaning poorer value for pensioners’ savings. The annuity industry, which was valued at about £12bn in 2013, has also been mired in scandal over poor selling techniques, leading to many missing out on the best deals. There are estimated to be 6m contracts in force. Radical reforms being considered by ministers before next week’s Budget could give pensioners an alternative. The plans could create an escape route for retired people trapped in unwanted contracts and create a new income source for annuity providers, whose sales have slumped since the chancellor said last year that pensioners would no longer be forced to buy an annuity. “I have heard from so many who say, if the pension freedoms had been in place earlier, they would never have bought an annuity. But they had no choice at the time,” said Ros Altmann, an independent pensions expert. “They never wanted an annuity. Often they are receiving very little income, have no inflation protection and would much rather undo the deal.” Observers say the government has a number of options to allow retired people to cash in their plans. Little-used rules allow insurers to offer their customers the chance to swap their annuity income back for cash. But an idea favoured by the government could see retired people allowed to trade their annuity on an open market to boost their chances of getting a good deal. “We would like the government to consider the idea of a portal to trade annuities,” said John Lawson, head of policy with Aviva, one of Britain’s leading providers.

Escape route Number of annuities sold by ABI members in the UK

353,000

The boom in self-employment is largely the result of structural shifts in the workforce rather than evidence of “hidden unemployment” since the recession, the Bank of England says.

2014

Value

£11.9bn £6.9bn Life insurance and annuities Net premium income (£bn) 50 40 30 20 10 0 2005 06 07 08 09 10 11 12 13 Source: ABI

Retired workers drawing annuities might be able to sell their existing contracts for a lump sum under the plan Toby Melville/Reuters

Mr Lawson sees a parallel with other second-hand markets. “For example, if you have a specific car you want to sell, dealers interested in that model will bid for your business, and they get into a bidding war.” However, to be effective, industry observers say, a second-hand market would need many players. Currently, there are 25 annuity firms selling to retail customers but only a few big names, including Legal & General, have indicated interest in such a market. While the chance to cash in an unwanted annuity may appeal to voters, some pension specialists believe that it would create new risks for people.

“I can see this as being a recipe for consumer detriment,” said Tom McPhail, head of pensions research with Hargreaves Lansdown, one of the country’s leading annuity brokers. “There’s a lot to take into account for the sales, including the need for advice and the frictional costs of sale. There is a risk of people given poor value for converting a long-term guaranteed income into a short-term bag of money.” Some questioned how a second-hand annuity market could be made to work. Proposals favoured by government would not see the saver making a clean break with their annuity contract. Instead, this would remain in force but

House prices A fall in the number of homes coming on the market is pushing up prices outside London ft.com/ukhousing

Ageing workforce fuels rise in self-employed SARAH O’CONNOR — EMPLOYMENT CORRESPONDENT

187,000

2013

Bank analysis

the stream of income would be redirected to an insurer, for example, in return for a cash sum. Under this plan, all parties would need to keep track of the original purchaser and be notified when they died. “I don’t see how it can work in practice,” said Alan Higham, retirement director with Fidelity, the investment group. “By all means, have a consultation, but I think it will conclude that most people would get appalling value for money if they were to sell it. “I just don’t see how something like ‘We Buy Any Annuity dotcom’ could work.”

The BoE’s analysis, published today, suggests the central bank does not view the growth in self-employment as evidence of extra “slack” in the labour market that would allow it to wait for longer before raising interest rates. Self-employment has been an important engine of the rapid labour market recovery, accounting for a third of the growth in employment since 2010. A record 15 per cent of the workforce works for themselves. The trend has divided opinion: it has been celebrated by some as evidence of a new entrepreneurial spirit in the UK, while others see it as evidence the jobs market is not as healthy as the official employment figures imply. They argue that many have resorted to self-employment because they cannot find a traditional job, and are in fact unemployed or scraping by with far less work than they would like. But the BoE quarterly bulletin article, written by a member of the structural economic analysis division, concluded there was little evidence to support that theory. Instead, it found much more evidence that long-term demographic and technological shifts were behind the self-employment trend. The BoE attributed the boom in selfemployment mostly to long-term trends that were in place before the recession struck. Older people are more likely to be self-employed, and the fact the workforce is ageing explains half of the increase in self-employment, the central bank said. There is also a longterm trend towards more women becoming self-employed. Chris Giles page 15

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4

FINANCIAL TIMES

Thursday 12 March 2015

NATIONAL Ofwat

Divorce settlement

Water regulator shifts stance on takeovers

Millionaire’s former wife wins battle over fortune

Watchdog chairman open to restructuring if in the interest of consumers MICHAEL KAVANAGH

Water industry regulator Ofwat has signalled it may be open to takeovers in the sector, a shift from its previous stance against consolidation, as long as they are in customers’ interests. Jonson Cox, chairman of the watchdog and former boss of Anglian Water, told the Financial Times yesterday he was open to an industry-wide discussion about a radical reshaping of the sector, which could see mergers or divestments of assets by existing operators.

Among scenarios Mr Cox envisages is the merging of neighbouring companies’ water supply businesses and the combining of companies’ billing and customer services operations across regions to create economies of scale. He also argued larger companies could separate their water supply businesses from their sewerage functions, both of which could be merged into bigger units to attract different categories of investors. “We’re not out to encourage consolidation — indeed deconsolidation could be viable — but we recognise that we and the Competition and Markets Authority may receive proposals to do so,” he said. “We’re interested in different ideas.” He conceded any shake-up of the sec-

tor would be a radical departure for water companies across England and Wales. The majority of households have historically been served by verticallyintegrated regional operators — responsible for all services from reservoir to tap, and from sewer to treatment works. Mr Cox’s remarks come amid the delivery of bills this week to millions of households served by the 18 companies overseen by Ofwat, under a five-year spending settlement that will cut bills in real terms for most consumers for the remainder of the decade. But a combination of inflationproofed returns and gains from low interest rates have led to accusations by consumer groups that water companies are making excessive profits, which

have attracted sovereign wealth funds and other overseas investors. While opening the door to early-stage discussions over a restructuring, Mr Cox said there was no particular evidence that the smaller companies were naturally less efficient than larger players. Mr Cox told the Policy Exchange think-tank in a speech yesterday that “comparative regulation has been very powerful but is also a constraint”. In spite of a succession of high-value deals in the sector, few have resulted in mergers or radical changes to company structures. The most recent merger permitted by Ofwat and the competition authorities was one between two smaller companies — South Staffs and Cambridge Water — in 2012.

Over the past decade Southern Water has been sold to a consortium led by JPMorgan Asset Management for an enterprise value of £4.2bn, and Northumbrian Water went to Hong Kongbased Cheung Kong Infrastructure for an enterprise value of £4.74bn in 2011. Large chunks of Thames Water, the largest business, have also been bought by Gulf-based and Chinese investors at high premiums in recent years. Severn Trent, one of only three remaining publicly listed water companies, rejected a £5.3bn approach from a consortium led by Canadian investor Borealis and backed by the Kuwait Investment Office in 2013, highlighting again the allure of UK water companies to foreign investors.

Motor industry

Carmakers fight ‘creeping demonisation’ of diesel fuel ANDY SHARMAN — MOTOR INDUSTRY CORRESPONDENT

Exhaust options

The motor industry has moved to avert a backlash against diesel cars and protect a market that is key to recovering the billions that manufacturers have invested in engine technology. Carmakers including Jaguar Land Rover, Ford, Volkswagen and BMW came together yesterday to support a campaign to prevent the “creeping demonisation of diesel”. “The allegations made against diesel cars in recent months threaten to misguide policy making and undermine confidence in diesel,” said Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders. The industry has been stirred into action by growing criticism as the emissions debate across Europe switches from a focus on carbon dioxide to the harmful particulates and nitrogen dioxide produced by diesel engines. The north London borough of Islington has introduced a parking surcharge for diesel vehicles and Hackney is thought to be considering similar measures. London, which faces EU fines if it fails to meet air quality targets, plans to introduce an “ultra low emission zone”, which would see the capital’s congestion charge almost doubled for older diesel vehicles. The government is thought to be considering similar zones in other cities. Paris, meanwhile, has pledged to take diesel cars off the road by 2020. Manufacturers are concerned that this could develop into a consumer backlash which fails to acknowledge what they say has been a vast improvement in technology. Modern diesel cars are, according to the SMMT, the cleanest in history, thanks to high-tech filters that catch particles. In the past 12 months alone, manufacturers invested more than £1bn in production facilities geared towards diesel vehicles, which they say have created 1,700 jobs. But campaigners say the real performance of the latest “Euro 6” standard diesels is inflated by laboratory test results. Research by the International Council on Clean Transportation, a nonprofitgroup, last year found that on the road Nox (nitrogen oxide) emissions from new diesel cars were, on average, seven times higher than EU legal limits. Britain has, over the past 30 years, seen a rapid shift towards diesel vehicles, which emit less carbon dioxide

Contribution of Nox* emissions in the UK % of total Electricity generation

Non-road transport

17

30

1 Other

14 25

Cars

13 Heavy-duty vehicles

Heating

* Nitrogen oxide

Diesel cars on the road in Great Britain % of total cars 40 30 20 10 0 1984 90

2000

10 14

Sources: Defra; SMMT

Driving policy: the borough of Islington in north London has introduced a parking surcharge for diesel vehicles Fotomaton/Alamy

than petrol equivalents but produce harmful pollutants that can cause serious respiratory problems. Diesel vehicles accounted for fewer than 1 per cent of cars on UK roads in 1984. But last year that figure was up to more than a third. This has been driven by policy makers pushing diesel as a “clean” source of fuel. Company cars are also put in tax bands according to the amount of carbon dioxide they emit — again, shifting buying decisions in favour of diesel. Motorists also like diesel cars’ higher torque and greater fuel economy, though diesel is slightly more expensive than petrol at the pump. Diesel makes up a big proportion of sales in Europe for the big continental manufacturers. Volkswagen, which accounts for one in five cars sold in the UK, has a diesel mix of 55 per cent. The

carmaker recently made its new Passat range diesel-only after just 1 per cent of buyers chose petrol versions of the previous model. Carmakers need diesel technology if they are to have any hope of meeting carbon dioxide emissions targets set by Brussels for the end of the decade, with the take-up of electric and hybrid vehicles still slow. “The consumer is not showing any great interest in these alternative technologies at the moment,” said Garel Rhys, emeritus professor of motor industry economics at Cardiff Business School. The UK is the second-biggest car market in Europe, a continent crucial for diesel sales. Outside Europe, the fuel has only really caught on in South Korea, where it accounts for a third of sales, and parts of India. “The investment manufacturers have

‘The allegations made against diesel cars threaten to misguide policy making and undermine confidence in diesel’

made in diesel has to be recovered in Europe,” says Greg Archer, clean vehicles manager at Transport & Environment, a Brussels-based think-tank. “They will fight tooth and nail to preserve the market for as long as possible.” The SMMT says by 2020 diesel cars will contribute only 7 per cent of emissions in central London — excluding taxis, buses and heavy goods vehicles, the vast majority of which are diesel — and that by far the biggest contributor of Nox emissions is coal-fired power stations. But campaigners say this is misleading. Power stations emit their pollutants “in the countryside, from stacks 80m high”, said Mr Archer. “If you’re pushing a pushchair down the pavement in an urban area, the child is being exposed to exhaust fumes.” New Delhi smog page 10

JANE CROFT

The former wife of a green-energy millionaire yesterday won a long-running court battle to pursue her claim for a share of his fortune — 22 years after they divorced. Dale Vince, 53, married Kathleen Wyatt, 55, in 1981 when they were penniless travellers living on state benefits. The couple had a child but separated in 1984 with Ms Wyatt living hand to mouth on travellers’ sites in southwest England, doing jobs such as fruit picking. Mr Vince spent the rest of the 1980s with a peace convoy protesting against nuclear weapons, and lived in Spain. The couple divorced in 1992 but failed to agree a financial settlement as they had few assets to divide. Mr Vince launched Ecotricity in 1995, making wind turbines out of recycled materials to generate electricity for his caravan. The company is now worth at least £57m and he lives in a Georgian hill fort in Gloucestershire with his second wife. His former wife came back to the courts in 2011 with a £1.9m legal claim for a financial settlement to buy a house as well as life-long maintenance. She lives in a house in Monmouth described as being “in a poor state of repair”. Her application to have a judge hear her case for a lump sum was rejected by the Court of Appeal but yesterday it was allowed by the Supreme Court. The case is set to go before a High Dale Vince: judge said he did not provide any substantial payments of maintenance

Court judge who will hear her claim and decide the size of any lump sum award. Giving his ruling, Lord Wilson described the case as “highly unusual” due to Mr Vince’s “brilliant success”. It seemed to be “virtually common ground that during all those years the husband did not provide the wife with any substantial payments of maintenance and she struggled to maintain a home for them in circumstances of real privation bordering upon poverty . . .” Mr Vince said: “I’m disappointed the Supreme Court has decided not to bring this case to an end now, over 30 years since the relationship ended. We both moved on and started families of our own . . . It’s been so long that there are no records, no court has kept anything, and it’s hard to defend yourself in such circumstances.” Lawyers say many individuals who separate at a young age do not bother agreeing financial settlements if there is little wealth to divide at the time. But in the family courts there is no time limit to bringing a claim — unlike the civil courts which impose a cut-off date of six years — and so people could face claims from their former spouses many years down the line. Michael Gouriet, partner in Withers’ family law team, said: “The extraordinary circumstances of this case make it an extremely rare beast and, as such, it will not open the floodgates on historic claims being reopened and appealed. The judgment stresses Ms Wyatt is entitled to be heard and the key resulting question is whether she will now get any retrospective award in recognition of her contribution for raising their son.”

BBC stand-off with Clarkson shows danger in having brands rely on capricious ‘key man’ COMMENT

Andrew Hill

J

eremy Clarkson’s waggish suggestion that the BBC should broadcast the film Where Eagles Dare instead of cancelled episodes of Top Gear was more appropriate than perhaps he knew. The movie’s co-star Clint Eastwood once took another actor to Brands Hatch to test-drive a motorcycle, flouting orders from the producer, Eliot Kastner. “The insurance wouldn’t cover the picture if Clint . . . injured himself,” recalled Ingrid Pitt. “So there was I sitting on the pillion seat being whirled around the Kent racetrack when Eliot . . . stormed up to the barriers and waved us in.” Even if details of Mr Clarkson’s “fracas” with one of the programme’s producers remain scant, the wider manage-

ment lessons are the same. Any venture that becomes dependent on a few people for its success is flirting with disaster every time its stars overstep the mark. This “key man” risk is usually made explicit only when companies come to market — it is written into the prospectus of initial public offerings, for instance — but it is also present in other businesses. Shareholders are more likely to tolerate the eccentricities of founders, particularly if they have substantial stakes in the company, such as Mike Ashley of Sports Direct. His unorthodox position as executive deputy chairman of the retailer gives him the latitude to dabble in other corporate situations, however distracting, Suspended ‘Top Gear’ presenter Jeremy Clarkson yesterday

The brand

Franchise’s financial power faces bumpy ride There is an official duvet cover, an album of driving anthems and a branded magazine that sells more copies in the UK than GQ. Top Gear, the motoring programme famous for its blokeish humour, has become one of the BBC’s top two commercial hits, with revenues reported to exceed £150m. But the franchise’s financial power is at risk, after the suspension of the show’s best-known presenter, Jeremy Clarkson, who is alleged to have punched a producer. From a financial point of view, the BBC must choose between the potential loss of global sales if Mr Clarkson leaves and the

potential damage to its own image ahead of the licence fee renegotiations if he stays. The presenter’s departure would bring into question the Top Gear brand, which the BBC estimates is worth about £50m. The UK version of the show has proved much more popular overseas than local remakes, but the BBC has become increasingly reliant on it and a couple of other franchises such as Doctor Who and Sherlock. “It does beg the question, where is the next Top Gear? Where is the next Doctor Who?” said Alice Enders, an analyst at Enders Analysis. “Wolf Hall — forget about it, it’s never going to travel.” There is some good news for the BBC. Whatever happens, it will retain the rights to Top Gear’s catalogue of shows since 1977, crucially since its 2002 relaunch as an entertainment show. It would also retain the rights to the brand, having purchased Mr Clarkson’s minority stake for £8.4m two years ago. Henry Mance

such as the recent battle over control of Rangers Football Club. Sometimes, however, show business rules apply, and a star employee is sufficiently powerful to be able to dictate terms to the executives. If the star then quits, or is dismissed, the stand-off can end in one of two ways, and the outcome shows whether the company is more powerful than its key staff, or vice versa. In 2004, for instance, the designer Tom Ford left Gucci after falling out with the fashion house’s owner over artistic control. Domenico de Sole, Gucci’s chief executive, also left, fuelling fears that the label’s recently restored reputation would be irreparably damaged. In fact, Gucci quickly bounced back. On the other hand, in 2010, Guillaume Rambourg and Roger Guy, two star fund managers, left Gartmore, the asset management group, after a regulatory investigation — which was later dropped. The group’s fundholders fled, the share price plummeted and the company was swallowed up within months by Henderson Global Investors. The fund management, fashion and media industries have some parallels

with sport and show business in their tolerance for prima donnas, who, it is widely assumed, disrupt productive teams. But research has shown that giving priority to the harmony of the team may actually undermine performance. Provided everybody in the team earns a return on the stars’ success, supporting members are usually prepared to put up with difficult divas. When stars’ behaviour becomes disruptive, however, team leaders usually have to step in. It is normally the chief executive, the business equivalent of the film or television producer, who has the thankless task of deciding whether to “wave in” errant staff or ditch them. If he or she has no succession plan in place, the results can be messy. The BBC may be about to discover whether Top Gear is bigger than Jeremy Clarkson or whether it is the other way round. But whatever the circumstances of the latest stand-off, if a brand that is so apparently critical to the BBC’s commercial success has become over-reliant on one capricious and irreplaceable “key man”, the broadcaster’s managers will have to share the blame.

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INTERNATIONAL GLOBAL INSIGHT

Europol

Terror unit to combat online jihadis Social media tactics by Isis compound problems for Europe’s security agencies SAM JONES — LONDON

European security officials have drawn up detailed proposals for a new terrorfighting unit to help strip extremist content from the internet amid growing fears of online-inspired Islamist attacks. The plans, to be presented at the EU home affairs and justice ministers meeting in Brussels today, form part of the latest efforts by security officials to contain the profusion of extremist content online. They come two months after the attacks on the office of Charlie Hebdo in Paris killed 17 people, the worst Islamist terror attack on the west since the 2005 London Tube bombings. The proposed unit, to be part of Europol, will be modelled on the Coun-

ter Terrorism Internet Referral Unit, the internet scrutiny regime established in 2010 by the UK’s Scotland Yard and Home Office. Containing the growth of online content glorifying terrorism has become one of the top challenges facing western security officials. This is particular true for the Belgian-led “group of nine”, an informal grouping of EU states that are resolved to implement tougher measures across the 28-member bloc to deal with a growing Middle East-linked terror threat. “[The Paris attacks] have added . . . urgency to countering the extremism problem,” said Gilles de Kerchove, the EU’s counterterrorism chief. “Dealing with material online is the first item on the agenda.” The increasing prevalence of social media and smartphones has transformed terrorist messaging, senior intelligence officials within the group of nine believe, and must be rapidly coun-

‘Dealing with material online is the first item on the agenda’ Gilles de Kerchove, counterterror chief for EU

tered. Rather than a few extremists using a select number of outlets to share material, websites such as Twitter and Facebook allow content glorifying terrorism to be spread and shared more widely than ever before. The rise of the Islamic State of Iraq and the Levant (Isis), which has prioritised the use of social media as one of its main battlegrounds, has compounded the problem. A recent Brookings Institution survey of pro-jihadi Twitter activity by Isis supporters identified 46,000 human-run accounts tweeting on average 7.4 times a day to further the group’s cause. Officials fear the power of such messaging may inspire more “lone wolf” attacks, especially since European authorities have ramped up efforts to stop radicals travelling to Syria or Iraq. Monitoring or removing content online under government instructions is a particularly sensitive area for large

technology companies mindful of having to manage requests from dozens of different authorities while also seeking to protect user privacy. The CTIRU mostly works by co-operating with large internet companies rather than forcing them to act: counter-terrorism officers working for it have special privileges that mean they can flag content online for instant moderation by service providers such as Google, for example. However, the scale of the problem can be seen in the fact that the CTIRU has in the past year taken down nearly three times as much content as it did in the first four years of its operations combined. In total the unit has removed 75,000 pieces of extremist material from online. Europol and the Metropolitan Police did not reply to requests for comment on the new European internet unit. Notebook page 14

Venezuela. Democracy concerns

Maduro rivals fear election will be suspended President rejects talk of a coup as polls indicate his party faces trouncing in September vote ANDRES SCHIPANI — LOS TEQUES

In the ramshackle shantytown of Ramo Verde outside the city of Los Teques, Henrique Capriles is pressing the flesh, slapping backs and smiling for selfies — all part of the retail politicking that being a Venezuelan state governor and opposition politician entails. Given that midterm elections are not until September, it might seem Mr Capriles, who narrowly lost Venezuela’s presidential election two years ago, is campaigning prematurely for his party, especially as polls indicate the ruling Socialist party will be trounced in the vote. Yet the bigger concern for Mr Capriles is whether the elections will happen at all. “Are they capable of suspending it? I think they are capable of anything,” the 42-year-old says of the Venezuelan government. “If the elections were today, they would lose by 20 points.” Such fears are common in Venezuela. Critics fear the deteriorating economy, forecast to shrink 4 per cent this year and racked by inflation of 69 per cent, could prompt President Nicolás Maduro to stomp on democracy in a desperate attempt to cling to power. Mr Capriles is campaigning not far from the Ramo Verde high-security prison where Leopoldo López and Antonio Ledezma, two other leading opposition politicians, are held on charges their supporters say are politically motivated. Last week, several former Latin American leaders, including Fernando Henrique Cardoso of Brazil and Costa Rica’s Nobel Peace Prize winner Óscar Arias, circulated a letter urging Mr Maduro to use “dialogue rather than aggression” to address the polarisation. José Mujica, Uruguay’s outgoing president, warned recently that Venezuela could face a coup led by dissatisfied government factions and the military. “I am not saying that is going to happen,” he said. But if it did, “defence of democracy would go to hell”. Mr Maduro has blasted such talk,

Students protest against Nicolás Maduro’s government in San Cristóbal. Below, opposition leader Henrique Capriles George Castellanos/ AFP/ Getty Images

especially the idea of an “auto-coup” to dissolve the legislature and unlawfully assume extraordinary powers. Even if there “is rain, thunder or lightning, this year we are going to have parliamentary elections”, he said this week. However, it was only on Saturday that diplomats from the Union of South American Nations, visiting Caracas to try to mediate between the opposition and government, revealed the elections would be held in September. A confirmed date has still not been set. Cecilia Sosa, a former Supreme Court president and an opposition politician, believes Diosdado Cabello, the powerful president of the National Assembly, could go as far as asking the top tribunal for a constitutional interpretation that may allow for electoral postponement on the grounds of national threat. Tulio Álvarez, professor of constitutional law at the Central University of

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Venezuela, says: “Nobody in their right mind would arrange for elections to be swept away; there is no constitutional disposition that allows that. But then [the government] has violated the constitution several times.” The fears come as relations with the US continue to deteriorate. Caracas last week ordered Washington to slash local diplomatic staff to 17 from more than 100. The move was met by an order from Barack Obama, US president, — who in December moved to restrict travel and freeze assets on Venezuelan government officials accused of rights abuses — for further sanctions, declaring Venezuela a national security threat. Speaking on national television on Monday, an enraged Venezuelan president said Mr Obama had “personally decided to take on the task of defeating my government and intervening in Venezuela to control it”. A day later, Mr Maduro asked Congress for special

Obituary Prizewinning creator of structures that seemed to float Frei Otto German architect 1925-2015

“anti-imperialist” decree powers to defend Venezuela. Mr Maduro claims frequently that Venezuela faces foreign-sponsored threats and an “economic war”, although with little evidence. Critics say such claims are a way of deflecting attention from an economy that has been hammered by the slump in the price of oil, which accounts for more than 90 per cent of Venezuelan exports. Widespread mismanagement and corruption have also sapped Mr Maduro’s standing among even party followers. Some analysts believe Mr Maduro’s aim is to divide an already fractured opposition. John Magdaleno, a director of Polity, a Caracas consultancy, says a possible strategy to split the opposition into “moderates and radicals” could help Mr Maduro’s electoral chances. Mr Capriles says if that happened, and the opposition lost, it would be “clumsy” and equivalent to a “self-coup”.

The announcement of the 2015 Pritzker Prize, international architecture’s most recognised award, was brought suddenly forward after the death on Monday of its intended recipient, Frei Otto. It is the first time the prize has been awarded posthumously, although the German winner had been informed. Otto, who was 89, pioneered a free architecture of lightweight structures inspired by his studies of materials in nature rather than by his predecessors in architecture and engineering. His triumph came at the Munich Olympics of 1972, where his tent-crowned stadium and park echoed the peaks of the Alps. The stadium sat in a depression carved out by Allied wartime bombing and the structure was a reaction to the aesthetics of Nazism, as, it could be argued, was Otto’s entire career. Otto was born in Siegmar, near Chemnitz in Saxony, in 1925 and attended school in Berlin. His father and grandfather were both sculptors and stonemasons: the young Otto studied the craft too but his early passion was in the designing and building of model gliders, which was how he became fascinated by lightweight frames and membranes. This interest in aeronautics led to his being drafted into the Luftwaffe at the age of 17. He later recorded his shock at flying over bomb-damaged cityscapes, which increased his determination to

BRAZIL

Joe Leahy

Petrobras scandal sets scene for Rousseff ’s bumpy second term

G

oing by the first two months of her second term, Brazil’s president Dilma Rousseff is in for a brutal four years until her mandate ends in 2018. That is if she makes it that far. Not only is the centre-left leader reeling from a mammoth corruption scandal at state-owned oil company Petrobras, for which senior members of her ruling coalition are being investigated, she is facing an ever angrier middle class in the nation’s large cities. While she was giving a televised speech to the nation last Sunday — one of her first such appearances during her second term — people displayed their anger in cities in Brazil’s rich south and southeast by beating pots and pans in their apartments and setting off car and house alarms. This Sunday, thousands are expected to descend on to streets around the country to mark their dissatisfaction with the president. Some are calling for the impeachment of the one-time Marxist guerrilla who has led Brazil’s economy from boom to stagnation. Brazilians have a right to be angry. Even for a country inured to corruption and scandal, recent allegations surrounding the graft at Petrobras have been mind-blowing. Once a symbol of Brazilian technical prowess, Petrobras has become synonymous with sleaze and incompetence. Former Petrobras executives-turned-prosecution witnesses allege they collaborated with politicians to squeeze bribes and kickbacks out of the company’s contractors. The money allegedly was laundered through Swiss bank accounts and used for personal enrichment and to finance party campaigns. Even though there are no allegations she was directly involved, Ms Rousseff headed PetroMany Brazilians bras between 2003 and 2010 when much of the are outraged corruption is claimed to by her handling have occurred, drawing charges that she was neg- of their once ligent or incompetent, or resurgent economy both. She has denied any wrongdoing. Beyond the scandal, many Brazilians are also outraged by her government’s handling of their once resurgent economy. During its first mandate, her government suppressed energy and fuel prices and embarked on a prolonged fiscal stimulus programme coupled with lavish lending by state banks. This led to inflation but did little to encourage private sector investment. In spite of dismissing the need for austerity during the election campaign last October, she is now implementing measures to restore public finances to a surplus. In her speech on Sunday, she called on everyone to “do their bit” to support the austerity programme — upsetting a middle class disgusted by the Petrobras allegations. For all the disillusionment of Brazilian voters, there is one positive outcome from the scandal. It has proved the growing independence of Brazil’s institutions, particularly the federal police, the public prosecutors’ office and the courts, that might have once covered it up. To her credit, Ms Rousseff never publicly sought to suppress the investigations. But probably she would not have been able to even if she had wanted to. Brazilians, who are generally politically conservative, would be in two minds about trying to impeach Ms Rousseff for fear of instability. If she was forced to step down and her vice-president, Michel Temer, was unable to take her place — his party is also embroiled in the scandal — the next in line to be president until elections could be held would be the heads of the upper and lower houses of Congress, Renan Calheiros and Eduardo Cunha. However, both of these men are also accused of involvement in the Petrobras case. In the event that no one from Congress could serve as acting president, the job would pass to the head of the Supreme Court. Brazil is likely to be spared this sort of confusion, however. A standing president can be impeached only for acts committed during his or her current term, lawyers say. As Ms Rousseff has served just two months of her present mandate, it is unlikely she has had time yet to become involved in any impeachable crimes. [email protected]

help rebuild the country. With Germany’s air force depleted and Berlin threatened, Otto was pulled from the skies to become a foot soldier and was taken prisoner near Nuremberg just before the end of the war. In 1948 he returned to study architecture at the Technical University of Berlin, before founding a number of organisations that encouraged cross-disciplinary research among architects, engineers, scientists, environmentalists, philosophers and biologists. The aim was to study natural forms and apply their efficiency to construction. Germany at the time was attempting to distance itself from the solid forms of Nazi architecture. Otto’s buildings, by contrast, were asymmetrical, fluid, transparent and often only temporary. The building that gained him interna-

Frei Otto: influenced by studies of materials in nature

tional recognition was his German pavilion for Expo ’67 in Montreal. A complex web, it covered the site in the lightest way imaginable. Munich’s Olympic Park, with its skyline of translucent peaks, was among the most influential buildings of the postwar era. Thomas Heatherwick’s and Bjarke Ingels’ plans released last week for Google’s Mountain View headquarters, Sir Nicholas Grimshaw’s Eden Project and Sir Michael Hopkins’ design for Lord’s Cricket Ground all owe Otto an undeniable debt. His other notable buildings included the Japan Pavilion at the Hanover Expo (designed with Shigeru Ban) and a cluster of opening parasols for Pink Floyd’s 1977 US tour. These led to the sun shades at the Holy Mosque in Medina, the temporary structures for the Hajj in Mecca and the barely there net of the aviary at Berlin Zoo. Unlike most recipients of the $100,000 Pritzker, Otto was never a “starchitect”. He chose his commissions based on how they would help him develop his structural ideas. Lord Rogers, a Pritzker jury member, said: “His work has inspired and influenced modern architecture, as we all learn to do more with less, and to trade monumental structures for economy, light and air.” Edwin Heathcote

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INTERNATIONAL

Kremlin opposition. Rebuilding

Polonium-210

Putin opponents struggle for one voice Alexei Navalny has to unite disparate groups after murder of ‘communicator’ Nemtsov

Navalny says Boris Nemtsov ‘could bring together everyone in the opposition’

KATHRIN HILLE — MOSCOW

Three weeks ago, Russian opposition leaders Alexei Navalny and Boris Nemtsov were campaigning in the Moscow Metro for a planned protest march against President Vladimir Putin. A day later, Mr Navalny was in prison. A week later, Nemtsov was dead, gunned down just steps away from the Kremlin. Released from his 15-day detention, Mr Navalny is straining to get back to work — to expose government corruption, organise opposition rallies and fight a multitude of legal battles with the government. But without Nemtsov, his world has changed. “He was the communicator,” Mr Navalny says. “He could bring together everyone in the opposition from liberals to the far left, but he would also talk to people inside the system, like the communists, who did not accept his views but were open to dialogue with him.” With Nemtsov gone, Mr Navalny now faces the uncomfortable question of how to transform an assortment of people dissatisfied with Mr Putin’s rule into a real opposition. Other opposition activists say it might be a big challenge to get Mr Navalny and Mikhail Kasyanov, a former prime minister under Mr Putin and now a leading member of Nemtsov’s RPR Parnass party, to co-operate. There are already signs of trouble. While some activists have proposed the opposition organise another protest march in April, Mr Navalny says this issue has yet to be decided and the opposition must not plan rallies for the sake of it. The fragmented protest movement is further weakened by an exodus of those from Russia who used to form Mr Navalny’s support base. “Nowadays, Russia’s best university graduates go into public office and become part of the system. Another group, the technology

‘We did not expect [Putin] to launch a war’ ‘The oligarchs all hate [Putin] but they feel they can’t but remain silent’ Alexei Navalny leaves a Moscow detention centre this month — Yuri Kochetkov/EPA

Merkel joins list of leaders boycotting Moscow event Angela Merkel of Germany has joined the list of western leaders who will boycott Russia’s commemoration of the 70th anniversary of the end of the second world war in protest at the Ukraine crisis. But in a delicate piece of diplomacy, she will visit Moscow the day after the Red Square military ceremony on May 9, and, together with President Vladimir Putin, lay a wreath at the Tomb of the Unknown Soldier. Stefan Wagstyl, Berlin

savvy, are leaving. That is bad for us.” He admits the fear instilled by Nemtsov’s murder is likely to add to this trend. “It will not be easy,” he says. “Nemtsov was extraordinary in that he was not afraid and, unlike other 1990sera politicians, did not just want to be president, but was willing to do what needed to be done — campaign in the streets, run for local office.” Mr Navalny claims that Nemtsov’s murder will help galvanise the opposition, but he quickly admits that there is little reason for hope. “In 2010, 2011, even in 2013, I would have told you that Putin’s support rating must come down, but little did we know. We did not expect him to launch a war.” Now, even with the Russian economy expected to contract by an eye-watering 4.5 per cent this year, Mr Putin’s support rating has hit a new record high of 87 per cent. Mr Navalny claims the govern-

ment is studying longstanding regimes in countries with troubled economies such as Cuba, Venezuela and Uzbekistan for reference. In the office of his Anti-Corruption Fund, the group through which he has been publishing reports about the riches amassed by people connected to Mr Putin, Mr Navalny employs a group of sociological researchers who conduct phone polls day after day on various topics. On that basis, his Progress party develops its agenda: demands for fair elections, action against the economic crisis, fighting corruption, and no war. “Every single one of our demands has support in the population, we know that. But the people who back these demands have no political representation at all,” he says. Indeed, the Progress party remains barred from fielding candidates at polls despite getting legally registered last year.

This, opposition activists argue, is part of an all-out campaign by Mr Putin’s government to force them off the political stage altogether. Mr Navalny remembers almost nostalgically that the last protest movement in 2011 was triggered by demands for clean and fair elections. “Now the only thing that’s left for us to demand is the mere access to the polls,” he says. The opposition politician insists that he is not despairing. But asked about how much longer he thinks his struggle will last, he jumps up from his chair and starts pacing the small room like a caged animal. He argues the pendulum will swing against Mr Putin eventually, but it will take a long time. “There are many good people in government, and they all hate him, they think he is a liability, but they are cowards. The oligarchs all hate him, but they feel they can’t but remain silent.”

Litvinenko poison came from Russia, court told NEIL BUCKLEY — LONDON

The radioactive substance used to murder Alexander Litvinenko could only have been produced by a single, closely guarded plant in Russia, suggesting the Russian state was involved in poisoning the former KGB officer, an inquiry has heard. Professor Norman Dombey, a leading physicist, told a public inquiry into the November 2006 murder that the staterun Avangard plant in the closed Russian city of Sarov was the world’s only commercial producer of the substance, polonium-210. Avangard is in a previously “secret” city known in communist times as Arzamas-16, one of a network of sites that produced Soviet nuclear weapons. Only there could the highly radioactive isotope have been produced in the quantity used to murder Litvinenko, who died an agonising death after allegedly drinking green tea laced with polonium-210 in London’s Mayfair, Prof Dombey of the University of Sussex told the inquiry. “The [polonium-210] used to poison Mr Litvinenko was prepared at the Avangard facility in Sarov, Russia,” he stated in written evidence. “In my opinion, the Russian state or its agents was responsible for the poisoning.” Prof Dombey’s evidence provides one of the clearest pointers yet to potential state involvement in the killing. It came on day 23 of the inquiry in London. Up to 30 smaller research reactors worldwide could produce polonium210, he added, but in nowhere near the quantity of the at least 50 micrograms used to kill Litvinenko. Given the highly-guarded nature of the plant, he added, the Russian state would have had to be involved in transporting the polonium “from Avangard to whatever Russian institution was able to convert it to a soluble form”, as used on Litvinenko, Prof Dombey added. The hearing continues.

Thursday 12 March 2015

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Thursday 12 March 2015

INTERNATIONAL Industrial output

Falling euro

China slowdown hits global growth hopes

US faces rate dilemma as strong dollar hits exporters

Deceleration led by decline in overheated real estate sector JAMIL ANDERLINI — BEIJING GABRIEL WILDAU — SHANGHAI

China’s economy slowed at its sharpest rate in the first two months of the year since the global financial crisis, heightening fears that this deceleration will undermine global growth. Chinese industrial production, regarded as a good proxy for broader economic growth, expanded 6.8 per cent in January and February from a year earlier. Excluding the financial crisis, it was the slowest reading since records started in 1995, Goldman Sachs said.

Fixed asset investment and retail sales also slowed significantly, data showed yesterday. “Today’s disappointing data release highlights just how quickly domestic demand is deteriorating as the ongoing property downturn continues to spread its negative impact through the economy,” said Wang Tao, UBS chief China economist. Weakening Chinese demand has been one of the main causes of falling global commodity prices and weaker emerging markets. An extended slowdown in the economy could further sharpen the divergence developing between the US, whose prospects have been brightening, and other important global economies. Expectations that the US Federal Reserve will soon raise rates is sending the dollar higher, while central banks in

the eurozone, China and many emerging markets are all easing to fight falling inflation and shore up growth. China expanded at the slowest pace since 1990 last year, contrasting with the decades of double-digit growth since the late 1970s. The International Monetary Fund has already cut its gross domestic product estimate to 6.8 per cent this year and 6.5 per cent in 2016, the first time the IMF forecast lower growth in China than in India for decades. Fixed asset investment, key in an economy where investment contributes more to growth than almost any other in history, expanded 13.9 per cent in the first two months from a year earlier, down from an annual expansion of 15.7 per cent last year. Retail sales, one measure of how successful China has been at shifting to a

more consumption-based growth model, also slowed in the first two months, expanding 10.7 per cent compared with 11.9 per cent growth in December. The broad slowdown is being led by a serious decline in China’s previously overheated real estate sector, where prices and sales have fallen since the start of last year. In a sign of further pain to come, housing sales in the first two months of the year fell 16.3 per cent in terms of floor space from a year earlier, after falling 7.6 per cent in December. China’s housing market has only existed since the late 1990s when the government privatised and commercialised housing that was previously assigned to people by the government or their “work unit”. The latest figures confirm the worst

fall in the market since at least the financial crisis, following more than a decade of frantic building that has created massive oversupply and left countless halfbuilt and half-empty apartment complexes across the country. The full impact of the housing slump is yet to be felt. China is also struggling with a huge and growing debt load and the threat of deflation. At 282 per cent of GDP by the middle of last year, according to estimates from McKinsey, China’s overall debt load is higher than that of the US or Germany. The economy expanded 7.4 per cent last year, the slowest pace in almost a quarter of a century and the government has lowered its growth target this year to “around 7 per cent” from last year’s “around 7.5 per cent”.

Interview. James Bullard

Fed policy maker warns rate rise is overdue Reserve Bank of St Louis chief fears investors might fall out of sync with FOMC thinking SAM FLEMING — ST LOUIS

The end of the Federal Reserve’s nearzero interest rate policy is overdue given the rapid pace of improvement in the jobs market in evidence last week, a senior policy maker has said. James Bullard, head of the Reserve Bank of St Louis, said the Fed risked holding fire too long on rate rises given tumbling unemployment figures and that even after the central bank started tightening, monetary policy would remain easy by normal standards. US employers added 295,000 jobs in February in defiance of bad weather, and the unemployment rate fell to 5.5 per cent, the lowest level since 2008, triggering a spike in bond yields and the dollar on Friday. By autumn the rate of unemployment should be below 5 per cent, near levels it had last seen in the “bubble years” of the 1990s and 2000s, Mr Bullard said. “We are a little bit too late to this process.” Mr Bullard argued in an interview that the jobless rate had already fallen in line with Fed estimates of its long-run rate and that netting out oil price effects inflation was not that far below target. “Those kinds of readings on the economy are not sufficient to rationalise the zero policy rate.” Mr Bullard, who does not vote on rates this year, has recently been at the aggressive end of the spectrum among Fed policy makers when advocating a tighter monetary agenda. He spoke on Monday, before the Federal Open Market Committee goes into its customary blackout ahead of a policy meeting next week, at which it is expected to drop a previous pledge to be “patient” before lifting interest rates. Mr Bullard said the US had entered a period in which the data were “a little softer” early this year but that this was probably due to the temporary impact of bad weather in the northeast. “To the extent we have had weakness

‘I think we have to move now, or soon, in order to be in the right position as the economy evolves’

in the first quarter it will probably bounce back in the second quarter, as it did last year,” he said. Even if the Fed raised rates as early as June, Mr Bullard said, the Fed was more or less guaranteeing what would traditionally be called “very easy monetary policy” over the next two years because increases would be gradual and data-dependent. “I think we have to move now, or soon, in order to be in the right position as the economy continues to evolve,” he said. Mr Bullard said he was worried that investors were underestimating the likely upward path of interest rates compared with the Fed policy makers’ own forecasts. The sharp move in bond yields following last week’s jobs report showed how “abrupt this kind of thing can be”, he warned. “It would be an improvement if the Fed and the markets were more or less on the same

page about how this is going to evolve.” He likened the situation to 1994, when the Fed provoked a bond market rout by surprising traders with sharp rate rises. “It was a very volatile period because markets were out of sync with what the committee had in mind in terms of the normalisation of rates,” he said. “If we could smooth out that process, I think that would be good.” Some observers have urged the Fed to hold fire on rates until there is a stronger rise in wages, but Mr Bullard dismissed that argument. Wages were a lagging indicator, not a leading indicator of inflation outcomes, he argued, adding that current earnings growth should not be compared with the performance of the 1990s, when there was much higher productivity growth. “With this kind of improvement in labour markets surely wage growth is not that far behind.”

Italy’s centre-right

James Bullard: at the aggressive end of the spectrum among Fed policy makers when advocating a tighter monetary agenda Scott Eells/Bloomberg

Another argument for caution on rate rises is the soaring dollar, which is likely to squeeze US exports. However Mr Bullard argued that it was “not so clear going forward that we will see big moves in the dollar the way we have”, because the European Central Bank had now embarked on its quantitative easing plans and traders were more realistic about the US interest rate outlook. “A lot has been priced in at this point” in currency markets, he said. Commentators have pointed out that inflation is likely to be low going into the FOMC’s June meeting, which could also make it awkward to raise rates. However Mr Bullard discounted that concern. Recent upward movements in market-based inflation expectations were encouraging, he said. “It is a story about the outlook for inflation, not the actual level of inflation,”

ROGER BLITZ — LONDON SAM FLEMING — WASHINGTON CLAIRE JONES — FRANKFURT

The euro fell closer to parity with the dollar yesterday, as the US currency’s strength heightened the policy conundrum facing the US Federal Reserve as it prepares for its first interest-rate rise in nearly a decade. The euro dipped under $1.06 as Mario Draghi, the European Central Bank president, credited the cheap single currency with helping the reversal in the eurozone’s slowdown and said euro area developments were “pointing in the right direction”. The moves come as the Fed prepares for a key policy meeting next week at which it is expected to lay the groundwork for a rate rise as soon as June by dropping a pledge to be “patient”. The dollar is rising in part because of the prospect of higher interest rates and stronger growth. That is squeezing earnings of exporters and US companies with large global operations, and could damp inflation as import prices fall. Some US policy makers concede that the value of the greenback has triggered concern among corporations. James Bullard, president of the St Louis Fed, told the Financial Times he could understand some of the “consternation” but that big companies can hedge their currency exposure. The bulk of the dollar gains may have happened, he added. “We are trying to run the best monetary policy for the United States that we can,” he said, warning that an interest rate rise was already overdue. “We are going to let the exchange rate go where it needs to go to equilibrate international markets.” Gary Cohn, president and chief operating officer at Goldman Sachs, said the foreign exchange moves were putting the Fed in “a very tough position”. He added: “The Fed is going to be continuously in this tough dilemma where they are going to want to raise interest rates — and I fundamentally understand why they want to raise interest rates — but they are going to be constrained by circumstances and be concerned by the strength of the dollar, and other countries around the world are going to continue to devalue,” he said. Chris Williamson of Markit, who forecast in December that the euro would reach parity against the dollar this year, said: “The Fed looking like it was going to raise rates in 2015 was always going to hit the exchange rate. The clear divergence between the US central bank and the ECB is the big market play in 2015.” The single currency’s depreciation, alongside lower oil prices and the bank’s quantitative easing programme, had led ECB economists to upgrade their economic forecasts, Mr Draghi said at a conference in Frankfurt. The euro fell 1.6 per cent yesterday to a 12-year low of $1.0524 and has dropped 12 per cent since the start of the year. The dollar index, measuring the currency against a basket of its major peers, rose nearly 0.9 per cent to a 12year high of 99.649. The ECB now expects growth of 1.5 per cent this year, up from a December estimate of 1 per cent.

Air pollution

‘I am back,’ says Berlusconi after court victory India to limit visibility of New Delhi smog data JAMES POLITI — ROME

Italy’s highest court handed Silvio Berlusconi a big legal victory, confirming his acquittal on charges of sex with an underage prostitute and abuse of office, fuelling his supporters’ hopes of an unlikely political revival. The 78-year-old former prime minister and media tycoon had been initially convicted of paying for sex with Karima “Ruby” El-Mahroug, a Moroccan nightclub dancer who was 17 at the time, and sentenced to seven years in prison. But Mr Berlusconi was cleared on appeal last year, mainly on the grounds that he did not know Ms El-Mahroug was a minor. That acquittal was confirmed for good last night. “Now that this sad chapter is over, I am back on the pitch to build, alongside Forza Italia and the centre-right, an Italy that is better, more just and more free,” Mr Berlusconi said on his Facebook page yesterday. Mr Berlusconi was forced to step down as prime minister in the middle of the eurozone crisis in November 2011 and his legal travails, as well as the controversy over the so-called “bunga bunga” sex parties that he held throughout his time in office, contributed to his downfall. Mr Berlusconi was also found guilty of

tax fraud and sentenced to a one-year term of part-time community service in an Alzheimer’s clinic, which ended last week. Even so, Mr Berlusconi has remained at the helm of the centre-right Forza Italia party, which he founded more than two decades ago. But while it was once the dominant force in Italian politics, Forza Italia’s support has declined dramatically in recent years and it has been eclipsed on the right by a resurgence of

‘Forza Italia can start over now, stronger than ever, with its president’ Andrea Mandelli, senator the anti-immigrant, anti-euro Northern League. Some Forza Italia politicians have already split from the party and others are openly questioning Mr Berlusconi’s leadership. Meanwhile, Italy’s centreleft has taken advantage of the disarray on the right, with Matteo Renzi rising to power last year on a platform of sweeping economic and political reform. But the end of Mr Berlusconi’s tax fraud sentence and his definitive acquittal in the “Ruby” case might mean he will make a last-ditch attempt at a politi-

cal comeback, however difficult it may be, with the first test coming in May’s regional elections. Mr Berlusconi remains banned from public office but has challenged the decision at the European Court for Human Rights. “The acquittal is a victory for liberty and truth. Forza Italia can start over now, stronger than ever, with its president,” tweeted Andrea Mandelli, a senator from Mr Berlusconi’s party. Others were sceptical. Corrado Passera, a former Italian banker and government minister under Mario Monti who is trying to create his own centreright political movement, was dismissive. “The acquittal is good for him but the political judgment should not change. He betrayed the liberal revolution and cannot be the new voice that Italy needs,” Mr Passera said, also on Twitter. Indeed, the high court ruling may have come too late to restore Mr Berlusconi’s standing, both domestically and internationally, a reality even he acknowledged in his reaction. “I have nothing to blame myself for . . . but there is regret for the countless damage inflicted by this story, not just on me and my family but all Italians, the public life of our country, and our image in the world,” Mr Berlusconi said.

AMY KAZMIN — NEW DELHI

India’s government has decided to stop releasing real-time air quality data for the capital New Delhi, amid growing global attention on the city’s dangerous levels of pollution. The decision follows assessments, including from the World Health Organisation, that New Delhi has the world’s dirtiest air, with pollution levels exceeding those in Beijing. Prakash Javadekar, the environment minister, has dismissed the international findings, though he has admitted that Delhi’s air is “not fresh. The situation of air quality in Delhi and many other cities is very critically bad,” Mr Javadekar said in an Indian television interview last month. “But it’s not only India’s story — it’s the story of many cities.” The Delhi pollution control committee has been providing real-time, online air quality data measuring multiple pollutants — both toxic gases and fine particulate matter — from its six monitoring stations around the city. It is one of the only Indian government agencies to provide such detailed, real-time information — rather than a synthesised air-quality index. Activists have considered this “best practice” that other agencies should follow. How-

ever, India’s environment ministry has decided to stop the flow of real-time data within two weeks, after which the information will be sent to the central pollution control committee “for their analysis”. The government said the DPCC data needed to be “harmonised” with two other government agencies also monitoring the city’s air quality and validated. “Authenticated air-quality information will be sent to the DPCC on a daily basis for further dissemination to the public,” the environment ministry said late on Tuesday, as rumours of the “pressure” on the DPCC leaked out. The ministry said new protocols for “calibration, data-gathering, analysis and information dissemination” were being developed and would be put in place within the next two weeks. Activists from New Delhi’s Centre for Science

Trucks pass through smog-covered toll gates on a road in New Delhi

and Environment, a non-governmental organisation that has been campaigning to raise public awareness about Delhi’s air-pollution crisis were dismayed by the decision. “It’s absolutely essential to have realtime data, not just in Delhi but in all cities,” said Anumita Roychowdhury, CSE’s executive director for research and advocacy. “As India is shaping up its air quality control policies, it is very important to have air pollution data in the public domain.” Experts also questioned the notion that air quality data needed to be “validated”, saying most monitoring machines around the world were automated and released their data publicly. Air pollution is emerging as a significant public concern in India, especially in the capital, which spent much of the winter blanketed in a smog laden with dangerous fine particulates that can cause respiratory problems. The decision to stop Delhi’s real-time air quality data comes amid a growing tendency by Prime Minister Narendra Modi’s government to clamp down on anything seen as detracting from India’s international image. The government last week banned the domestic broadcast of a documentary about the lethal 2012 rape of a woman on a Delhi bus.

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FINANCIAL TIMES

INTERNATIONAL Eurozone crisis

Growth plan

Athens riles Berlin with war damages claim

Bidding fight lifts Egyptian sentiment on investment

Greek rhetoric stirs debate across currency bloc on Syriza party’s intentions KERIN HOPE — ATHENS STEFAN WAGSTYL — BERLIN PETER SPIEGEL — BRUSSELS

Greece’s demand for war reparations from Germany suggests that relations between the hard-left government and its European creditors are as rancorous as ever as they embark on fraught discussions over a new bailout. Alexis Tsipras, the Greek prime minister, claims Athens is owed more than €160bn in compensation for a forced loan to Nazi occupiers and destruction of the country’s assets during the second world war. “The crimes and disasters wrought by the forces of the Third Reich across Greece and the whole of Europe are still fresh in the memory of our people, and

must be preserved among younger generations,” Mr Tsipras said in an emotive speech to parliament on Tuesday night. He said Greece would “revive and strengthen” a special committee to pursue the reparations claim, warning that German-owned assets in Greece could be confiscated. Mr Tsipras’s remarks were dismissed by Berlin as the latest in a series of failed attempts by Greek governments to win compensation for Nazi crimes against property and human rights committed during the second world war occupation of Greece. “The question of reparations and compensation is legally and politically closed,” said Steffen Seibert, the government spokesman. Martin Jäger, the finance ministry spokesman, said that “emotionalisation and backward-looking claims” would not help solve current problems. But behind the scenes, Greece’s rheto-

ric is stirring debate across the eurozone on the intentions of Mr Tsipras and his Syriza party. To some observers in Athens and Brussels, the timing of Mr Tsipras’s remarks — the day before talks resumed with officials from the European Commission, the International Monetary Fund and the European Central Bank — suggested an attempt to deflect criticism from the powerful hard-left Syriza faction that strongly opposes a bailout compromise. “He’s giving them a bone to lick on,” said one EU official. Mr Tsipras has not been the only Greek official to hammer Berlin. Nikos Kotzias, the foreign minister, has also lashed out. “Germany wants to suffocate us over the state debt . . . They accuse us of squandering money . . . What they are doing to us is political racism,” Mr Kotzias said after a meeting of EU foreign ministers last week. If its

economy collapses, Greece would be overrun with illegal migrants and jihadis “flocking to Europe”, he added. Greece and its eurozone partners had appeared to put their relations on a better footing late last month when they reached an eleventh-hour agreement to extend the country’s bailout after weeks of bruising negotiations. But that deal has quickly given way to fresh recriminations as they bargain over its implementation and consider another bailout to help the government fill a financial hole after the four-month extension runs out. Talks between Greek authorities and bailout monitors — once called the “troika” for the three institutions representing international lenders but renamed the “Brussels group” in deference to Greek political sensitivities — began in Brussels yesterday. Despite initial Greek objections because of those sensitivities to the

troika, mid-level officials from the bailout monitors will begin parallel talks with Greek officials in Athens today. Unlike previous bailout reviews, the new monitoring team will include representatives of the eurozone’s €500bn bailout fund, the European Stability Mechanism. In Germany, Greece’s biggest creditor, there has been renewed grumbling about Athens’ behaviour. Even though the Bundestag, the lower house of parliament, late last month approved the latest effort to extend Greece’s rescue package, there is considerable ill-feeling that has been made worse by the reparations claims. Wolfgang Schäuble, the finance minister, insisted after Monday’s eurozone finance ministers’ meeting that payment of a €7.2bn tranche of rescue funds was dependent on the full implementation of the current agreement. “Unless that takes place, nothing will happen”.

Election. Cost of living

Israelis turn away from Likud as hardship bites Polls predict a close win by the centre-left as it promises to help a ‘sandwich generation’

Israel real GDP growth Annual % change 6 Forecast

JOHN REED — TEL AVIV

When Shay Cohen celebrated his 40th birthday last month, he did not invite guests to his modest rented flat. He held a party on Tel Aviv’s Rothschild Boulevard, where hundreds of thousands of Israelis staged social protests in 2011. A smaller group joined Mr Cohen, a labour activist, in pitching about 25 tents on the street, reminiscent of the ones put up by demonstrators in the city centre to draw attention to Israel’s high living costs. “We sell our knowledge all over the world; we have found some of the world’s biggest natural gas finds in the Mediterranean. And yet we get nothing as people here,” said Mr Cohen, voicing complaints common among financially squeezed middle-class and poor Israelis. “We are stressed more and more.” While most Israelis traditionally put security issues foremost when deciding whom to vote for, more than half of Israelis have been telling pollsters that social issues and living costs will be their priorities when voting next Tuesday. Surveys suggest that complaints over high living costs and poor social services are playing a role in voters’ apparent shift from Benjamin Netanyahu’s rightwing Likud party to Isaac Herzog’s centre-left Zionist Union. “This is an election in which economic issues are much stronger than ever before,” said Rafi Smith, head of the polling agency Smith Consulting. A week before the election, polls by the Knesset Channel and Channel Two broadcasters, published on Tuesday, showed that the centre-left could beat Likud by up to four seats. But analysts say that, if it won, the Zionist Union may have a harder time forming a stable coalition than its rightwing rival. Mr Herzog’s party, formerly called Labor, is aiming for the votes of people such as Mr Cohen by campaigning on issues left largely untackled since the protests: stagnating wages, fraying social services, inequality and housing

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Police baton-charge student protesters, tens of thousands of Muslims have been corralled in camps and battles rage in the border badlands. Flashpoints have flared across Myanmar recently, which may prove problematic both for landmark elections due this year and foreign powers backing the Southeast Asian former dictatorship’s fragile international rehabilitation. Western governments and rights groups have condemned this week’s violence against activists in the central town of Letpadan. The students, 120 of whom were arrested, were protesting against an education bill they say compromises academic freedom. Days earlier, plain-clothes thugs broke up a similar rally in Yangon, the former capital. The US state department has called

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Annual % change 5 4 3 2 1 0 2008 09 10 11 12 13 14 Excluding Palestinian Authority Sources: IMF; Haver Analytics

Housing protest: activists pitch tents on a Tel Aviv street to draw attention to the soaring cost of homes Nir Elias/Reuters

prices that in Israel’s central heartland match or top those in Europe or the US. The opposition leader has named as his shadow finance minister Manuel Trajtenberg, an economist Mr Netanyahu himself picked to head a committee charged with addressing the grievances raised by the protests in 2011. Mr Herzog is promising to spend 7bn shekels ($1.73bn) over two years on education, health, poverty reduction, employment, affordable housing and other social programmes. He told a Tel Aviv business conference yesterday: “In the last six years the economy served just a few people, and it is essential that in the next four years it serves the majority, that it gives hope and trickles down to the citizens.” He promised to help a “sandwich

generation” of middle-class, middleaged Israelis caring for both children and elderly parents. Stav Shaffir, a Zionist Union MP, said: “There is a shift in this election, from discussing the various kinds of spin offered by our prime minister to talking about the real issues that got us into this election in the first place.” The centre-left’s economic critique of Likud was helped by last month’s damning report on housing by Joseph Shapira, Israel’s state comptroller, revealing that the average house price rose 55 per cent between 2008 and 2013. Mr Shapira said that “no solution was found” to contain rising prices by Mr Netanyahu’s government, which took office in 2009. Defending its record after the report’s release, Likud said it had increased con-

‘In the last six years the economy served just a few people’ Isaac Herzog, Zionist Union

for Myanmar “to respect the right of protesters to assemble peacefully”, while the British embassy in Yangon said it was “deeply concerned” by events that undermined “earlier disciplined policing” of the protests. Rupert Abbott, Amnesty International’s research director for the region, denounced the “completely disproportionate” use of force. “Myanmar’s authorities have a long and troubling history of locking up peaceful demonstrators,” Mr Abbott said. “This must not be allowed to happen in this case.” The authorities’ reaction to the weeks-long demonstrations have been seen as a test of how the country’s security forces — which dealt in deadly force during half a century of military rule — respond to dissent now. Washington is under pressure from some members of Congress to take a tougher line on human rights in Myanmar, while the EU is in a potentially uncomfortable position because it runs a programme to train the country’s police. The Letpadan protests have also struck a nerve because students were at

the forefront of uprisings during the junta’s five-decade rule, when authorities killed or imprisoned thousands of people during crackdowns on prodemocracy demonstrators, most notably in 1988 and 1990. The Myanmar government has promised an investigation. The attacks come amid a spate of violence around the country, including an intensifying fight between ethnic Chinese rebels and Myanmar forces in the northern border region of Kokang. The battle is part of a longstanding patchwork of conflicts between regional militias and the military around Myanmar, some of which have worsened as

Tearful protest: students rail against the education bill in Letpadan

struction projects and stepped up marketing of land for housing, and that its next government would work to solve the housing crisis and implement the report’s recommendations. Mr Herzog’s party is promising to tackle the housing squeeze by releasing some state land to developers without charge, in exchange for a pledge to reserve part of it for affordable housing. Mr Cohen, the tent camp protester, plans to vote for the Zionist Union, even if he has doubts about its “middle way” on economic policy. “There must be a change now, and this is the most effective way to promote dramatic change,” he said. “Netanyahu has gone too far by dealing with only a few narrow interests and not paying attention to the wide public needs.”

Two heated battles between foreign investors for Egyptian assets have heartened Cairo officials hoping to relaunch their economy with an investment conference this week. Bidding wars by European and regional groups for two food companies, BiscoMisr and Arab Dairy, both listed on the Cairo bourse, are the strongest signal yet that foreign investors are interested in returning to the 90m-strong market after four years of turmoil following the revolution that ousted long-time president Hosni Mubarak, say analysts. “The two deals are indicative that there is strong interest in Egypt,” said Ahmed Ozalp, managing director of Akanar Partners, a corporate finance advisory group. “There is recognition that Egypt is a more stable environment, even if it remains fragile and we have a long way to go. Consumer industries . . . are a big and easy play.” Egypt is to present $35bn worth of projects at the investment conference in Sharm el-Sheikh on March 13 and 14. As well as showcasing opportunities for foreign investors, the government is hoping to highlight reforms aimed at restoring confidence in an economy that is emerging from one of its worst patches in recent history. “Egypt adds 1m new consumers every year,” said Ashraf Salman, investment minister, who hoped to conclude six deals at the conference, including a power station worth $3bn. Mr Ozalp pointed out that sectors

‘There is recognition that Egypt is a more stable environment, even if it remains fragile’ such as healthcare and real estate had already attracted foreign interest in recent months with Abraaj Capital, an Emirati buyout firm, acquiring stakes in Egyptian hospitals and the US private equity firm Ripplewood Holdings buying into Palm Hills, a property developer. “We would not have seen these kinds of transactions in 2011, 12 or 13,” said Mr Ozalp. Local companies in the food sector such as Wadi Group say they are optimistic. Ramzi Nasrallah, vice-president and chief financial officer of Wadi, a food and poultry conglomerate, said he was “bullish” about the Egyptian market, and expecting 30-35 per cent growth in revenue this year, most of it from new business. The political rollercoaster that followed the 2011 uprising, which saw Egypt ruled first by a military council, then by an elected Islamist president who was subsequently ousted by Abdel Fattah al-Sisi, spooked investors and stalled economic growth. Despite a low-level armed Islamist rebellion in the Sinai and clashes between police and Muslim Brotherhood supporters of the ousted president, analysts say there is a perception that political risk has diminished. The International Monetary Fund has endorsed Cairo’s efforts saying they were starting to spur growth. It predicted that gross domestic product would grow by 3.8 per cent in the fiscal year ending in June, up from 2.2 per cent the previous year.

Falling oil price

Flashpoints test Myanmar’s fragile rehabilitation

MICHAEL PEEL — BANGKOK

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Real wage growth

Southeast Asia. Demonstrations

Police crack down on students as violence flares nationwide, causing dilemma for the west

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HEBA SALEH — CAIRO

talks over the first nationwide ceasefire for more than 60 years have stalled. In the west of Myanmar, more than 100,000 Rohingya Muslims who have faced threats from militant Buddhists have fled to neighbouring countries or camps for internally displaced people. At Letpadaung in the north, a longrunning dispute between villagers and a Chinese-run copper mine flared again in December — which sparked a fresh security force crackdown. It was also a reminder of the pitfalls for businesses in a country plagued by social tensions built up during a long dictatorship. The varied troubles are a sign of the difficulties Myanmar’s government will face in delivering both the promised free and fair election expected in November and stability after it. Much depends on a military that formally gave up power in 2011 but still retains strong influence in the quasi-civilian administration led by Thein Sein, a former general. The violence is also a test for Aung San Suu Kyi, the veteran opposition leader, who has been criticised for not speaking out more forcefully.

Saudi Arabia looks to private sector to boost development SIMEON KERR — DUBAI

The new king of Saudi Arabia said lower oil prices would not damage the Gulf monarchy’s development plans and reiterated a commitment to maintain stability by fighting terrorism. In his first speech since coming to power in January, King Salman bin Abdulaziz al-Saud, said: “Though oil prices are dropping and affecting the Saudi economy, we are working to limit the effects on the development march.” Although King Salman did not detail how to maintain spending as oil prices fell short of the level needed to balance the budget, he said Saudi Arabia would seek to diversify its oil-based economy and called for a greater role for the private sector to boost job opportunities. “We are going to encourage and support medium and small enterprises to grow, so that these become a strong economic area for a large segment of society. The coming years will witness rich and great achievements that enhance

industrial and services roles in the national economy,” he said. John Sfakianakis, director for the Gulf region at Ashmore, a fund manager, said the speech offered pragmatic assurances that the government would keep spending to prevent the negative impact of lower oil prices. An increasing reliance on the private sector comes as Saudi Arabia’s state finances come under pressure from lower oil prices. Moody’s, the credit rating agency that has predicted oil at $55 a barrel this year, rising to $77 a barrel by 2019, has forecast that Saudi Arabia will run a 10 per cent budget deficit this year. Turning to regional threats driven by Sunni Islamist extremists groups such as al-Qaeda and Isis, King Salman said Saudi Arabia would “not allow anyone to tamper with our security and stability”. Describing extremism and terrorism as a “global scourge with no religion”, he said Saudi Arabia would continue to work with other countries to “fight against this detestable menace”.

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FINANCIAL TIMES

Thursday 12 March 2015

PARIS FASHION WEEK

Red rose and cavalier Alexander McQueen Pictures: Catwalking

FASHION

Jo Ellison Designer Sarah Burton finds a fragile beauty in fading florals and the raw, unfinished art of Egon Schiele If one name has haunted this fashion season, it has been Alexander McQueen’s. Five years ago this month, and in the wake of the 40-year-old designer’s suicide, Sarah Burton (McQueen’s first lieutenant and the label’s current creative director) led the grieving house in staging a presentation of the 16 unfinished looks he had been working on in the weeks before his death. The day after her show this time, Burton was returning to London to mark the opening of “Savage Beauty” a transferring exhibition at the V&A dedicated to McQueen’s work. In becoming creative director, Burton has assumed the role of custodian and caretaker for a world obsessed with the McQueen myth (the London show has already generated record-breaking sales and follows the blockbuster run in New York in 2012). The grace with which she works has always been heroic: Burton deflects any credit for her creativity; she rarely gives interviews and is indefatigably mindful of the reputation and legacy she protects. But the house of McQueen is not a museum, and neither are the things within it relics. Burton must answer to the Kering Group, which acquired the brand in 2001, and that means making clothes. For AW15, she presented a delicate collection she described in three words: “nature, fragility and beauty.” The rose was Burton’s central motif: it

was embossed on hard, black lacquered leather coats, then gently insinuated in laddered pleated ruffles, before unfurling altogether on slashed organza dresses worn with big rosettes. These were no Interflora blooms however: “I was interested in how something so beautiful can be on the verge of decay,” explained Burton of how the flower’s fragility had informed her “skeleton dresses” and “eaten-away lace”. Such an unravelled look brought to mind Miss Havisham and her delusional romantic melancholy. Burton had studied the Egon Schiele exhibition, “The Radical Nude”, at the Courtauld Institute in London lately, and her models

had the same sculptural birds’ nest hair and wild expressions. “I liked that Schiele’s paintings were unfinished, free and immediate,” said Burton. “That his women weren’t this perfect finished object.” Her models had the same etiolated silhouette, which had been shrunken further and made more perverse with micro-bosomed corsets, long black gloves and lethal Perspex heels. Despite the whiff of decay, however, this collection wasn’t gloomy. Quite the reverse, Burton’s nude blooms were things of beauty. And life. Not savage at all, in fact rather serene. For more show reports, visit FT.com/style

Louis Vuitton LVMH got a more commercial collection from Nicolas Ghesquière but the designer kept his customary dash of cosmic Nicolas Ghesquière has been building the same wardrobe for the past year. In its original capsule form, as offered for AW14 (his debut collection for Louis Vuitton), the silhouette was strict and the fabrications shouty: a high-waisted A-line skirt that cut above the knee dominated, all was lacquered leathers and ankle boots. It introduced a new language at the house and it wasn’t always easy to interpret (especially in the Middle East, where women baulked at the short hemlines and low-cut cleavage details). In the intervening collections, the silhouette has softened; trousers and a softer silkier shape were introduced, while a pretty palette of patterned silks and velvets made it more commercial. For AW15, Ghesquière had built again. “I was thinking about exploration and the travelling woman,” he said backstage from within the intergalactic

biosphere he had constructed in the grounds of the brand’s Frank Gehrydesigned foundation. “I am building the wardrobe little by little, to reflect the kind of woman who picks up more craftsman-made things, and mixes them with the more urban.” Shareholders will be relieved to discover that meant a simple trouser suit, in navy, sliced just above the ankle but otherwise conservative enough to dignify any office. Despite unexpected sales growth in the last quarter (which was largely attributed to the hoopla surrounding the limited edition Celebrating Monogram bags that went into stores in November) and Bernard Arnault’s insistence on Ghesquière’s commercial success at the house, growth at LVMH has been slower than ideal, and one suspects the inclusion of more sober suiting will not have been inadvertent. The craftsmanship elements were best expressed in shaggy shearling coats that wrapped the body and added new volumes to Ghesquière’s emerging line. Rib-knit skirts were gently fluted around the hem and belted with a dangling silver chain, while blouses and knits, puffed at the shoulder, had a whiff of Victoriana about them. In a season of

animals, the best of all were here, in a jellyfish brocade seen among tufted mohair leopard-print knits, leathers and lace girdle dresses. The hugely copied polo necks had been placed in storage. Instead, the looks were softer and more approachable. “There’s a New Romanticism about the season,” agreed Ghesquière. That said, the designer known for his admiration for all things cosmic, was always going to include a bit of star-tech chic: a silver beaded skirt shimmered like a constellation. And he had reintroduced a range of vanity case bags — like laboratory trunks fabricated in carbon, aluminium, leather and wood, each had been customised inside for the 21st century explorer to store their kit: iPad, phone etc. “One of the bags dated from the 1940s,” he explained of their genesis. “Another was amphibian. I then developed one in which to store your digital tools.” It’s all part of Ghesquière’s ongoing interplay of technology and tradition: natural fibres and techno specifics, lace and latex, cashmere and carbon. His AW15 show took one small step further in his interstellar quest: but its kitten heeled booties and pointy Mary Janes were anchored safely on planet earth.

become a kitchen table in Puglia, and loose weave-knitted sweaters patterned with little holes. The girls gave the impression that they had been styled by both a convent schoolgirl novice and her punk rebel friend. And the

two looks were constantly in tension. Add to that an embarrassment of Jelly Baby-delicious pastel patent shoes and big enamel daisy jewellery and this colourful carnival of the animals made for a very pretty season’s finale indeed.

Miu Miu After a week in which animals stalked the Paris catwalks, Mrs Prada closed the season with a perfectly beastly collection

I

t seemed appropriate, after a week of animal prints — from abstract and atonal at Dior to the zebra skins of sequins at Saint Laurent, and from exotic frog-print mules at Carven to the embroidered butterfly wings that fluttered over Valentino’s enchanting evening gowns — that the season should close with a perfectly beastly show at Miu Miu. For AW15 Miuccia Prada had emblazoned leopard spots on ciré and python skins on tweeds. Her prints were brash, primary-bright and multilayered: a big cat coat in cotton twill over a mock croc dress with a giantsized print and patent shoes. The tweeds were heavy, dense and woven into fitted apron-fronted red dresses, kilt-style skirts that buttoned on the hip and 1950s-style car coats. They replicated the same themes seen at SS15 but, where last season Prada had perverted the more prim looks with sheer chiffons, cropped tops and a John Waters-ish mischief, here the looks were tempered with pilgrim-collared shirts in bright striped cottons as might

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Thursday 12 March 2015

13

FINANCIAL TIMES

FT BIG READ. FINLAND The Nordic country has been mired in years of recession, upending notions that the eurozone crisis is a southern problem. After advocating austerity for others, it is now pondering cuts of its own. By Richard Milne

I

t is 9:30am on a freezing morning in Helsinki and the queue outside a nondescript building in the north of the city is hundreds of people long. An old woman at the front says she has been waiting for two-and-a-half hours. The 2,600 people who will eventually traipse in are not waiting for the latest Nokia or Apple phone but something more basic: eggs, bread, milk, bananas, fruit juice and other staples. “The queue is longer and longer and longer,” says Marcus, one of the workers at the Helsinginkatu food bank. “We have many rich people here in Finland but this is the other side.” Heikki Hursti, the manager, says the number of people using the facility has doubled since 2012. “People don’t have enough to pay for food and rent. They just don’t have enough to live, because a lot of them don’t have a job.” The hardship in Finland, which has been mired in recession for the past three years, upends the notion of the eurozone crisis being just about freespending southern Europeans. It has also infected parts of the austere, triple-A rated north. Many policy makers and business people talk of the Nordic country being in a depression that exceeds its crisis in the 1990s, a period Finns see as worse than the 1930s. “Finland is in very, very deep trouble,” says Anders Borg, the former Swedish finance minister who is conducting a review of Finland’s economy for the government. Alex Stubb, Finland’s prime minister, talks of a “lost decade”. At the heart of Finland’s woes is a competitiveness problem. Wage costs have spiralled higher than any other European country in recent years and it has one of the most rapidly ageing populations after Japan. Public finances are in much better shape compared with many southern European countries. But like their cousins to the south, many are beginning to bristle at the constraints of euro membership. “The problem with a structural crisis like we have today is that there is no easy solution to it,” says Björn Wahlroos, the country’s leading businessman. “We are stuck with a domestic labour market that used to have an escape clause: that was the currency or devaluation. But the escape valve has been closed, and the consequence is catastrophic.” The problems are deep-rooted. The mainstays of the economy for decades — the forestry industry and the electronics sector around Nokia — have fallen into sharp decline. As in the 1990s, the economic problems of neighbouring Russia have spilled across the border. And Finland’s post-second world war baby boom is now weighing on the country as the number of people employed starts to drop, leading Standard & Poor’s last year to become the first rating agency to strip it of its triple-A ranking. “We have been hit by various shocks at the same time. There are few, if any, countries in Europe that have had the same shocks,” says Erkki Liikanen, the central bank governor.

Need for a remedy There is a sense of malaise as Finland approaches parliamentary elections on April 19. Even as there appears to be broad agreement on the outlines of what needs to be done — reforms of everything from the labour market to healthcare, municipalities and tax — questions remain about the willingness of the country to take tough medicine. In many European countries, the ideal formula would involve economic stimulus, especially since Helsinki’s debt-to-GDP ratio is a relatively low 60 per cent. But in Finland, which became renowned among southern European countries as the main cheerleader for austerity during the euro crisis, most party leaders say more belt-tightening is needed. There is an acknowledgment that this could hurt growth in the short run but a hope that it will make the country more dynamic in the long term, especially by trimming back the size of a state that is one of the largest in Europe. Juha Sipilä, the frontrunner to be prime minister after the election and leader of the opposition Centre party, says he wants to cut spending by €2bn a year. Finland’s budget deficit in 2014 was 3.4 per cent, the first time it exceeded the EU’s stability and growth pact’s limit of 3 per cent since 1996, while debt-to-GDP is likely to exceed 60 per cent this year. “I think this situation is worse than in the early 90s because we don’t have any big vision at the moment . . . We haven’t done the big reforms in the good times and they are very difficult to make now in the bad times,” says Mr Sipilä. In some ways, the comparison with the 1990s seems favourable. Real gross domestic product fell 13 per cent from the peak in 1989 to the trough in 1993; today, it is only about 5 per cent below

Finns seek sunny side of the street Helsinki, above, and other Finnish cities have seen a rise in the number of food banks as the country copes with a prolonged downturn Kimmo Mantyla/Lehtikuva/Reuters

‘To take back 10-15% in competitiveness is an enormous challenge. There is a huge need for structural reforms’

its 2008 high, with the economy contracting by just 0.1 per cent last year. Unemployment has ticked up from about 6 per cent in 2008 to close to 9 per cent but that is still well below the 18 per cent reached in the 1990s. Shares on the Helsinki stock exchange have risen by three-quarters during the past three years of recession while they fell by twothirds during the 1990s crisis. But there was a clear course of action for the problems in the 1990s: purging lenders of bad loans, government intervention. The prescription for the current crisis is not as clear. The gradual economic downturn also means some Finns may be oblivious to the scale of the challenge, say some policy makers. Pasi Sorjonen, an economist at Nordea, the biggest bank in the Nordic region, says Finland is in the midst of a depression and is heading for its fourth consecutive year of recession. The government will need to cut taxes and

spending at the same time, he argues. “Putting the house in order is the first and most important thing that the government must do,” he says. “If at the same time they cut taxes they help healthy businesses. Whereas they now harm the healthy businesses just to protect jobs in the public sector.”

Competitiveness crisis Finland could be helped by the lower oil prices and weaker euro but it is battling formidable long-term trends. Since 2008, Finland has lost competitiveness against all EU countries as its wage costs have spiralled. As the unit labour costs of Ireland and Spain have fallen, Finland’s have increased by about 20 per cent, according to ING. Figures from the Conference Board, a US business group, are just as damning: from 2007 to 2012 Finland’s unit labour costs in manufacturing rose by 6.3 per cent a year, faster than any of the coun-

Finland: depressed, expensive and ageing Recessions compared Real GDP (rebased to pre-recession peak) Q4 2007 - Q4 2014 Q4 1989 - Q4 1996

100

Unit labour costs Rebased (Q1 2007 = 100) Finland UK US Spain

Working age population As % of total

Eurozone

Forecasts 125

68

98

120

66

96

115

94

110

92

105

90

100

60

88

95

58

Q1 Q5 Q10 Q15 Q20 Q25 Q29

200708 09 10 11 12 13 14

64 62

1950

80

2000

20 30

Sources: Haver Analytics; OECD; UN

Start-ups Nokia break-up cast as ‘big catalyst’ for tech boom When Nokia’s mobile phone business first went into decline and was then sold to Microsoft in April last year, it could have been seen as a national tragedy. At its peak, Nokia’s relationship to Finland was one of the strongest of any single company to a country: it contributed half of Finland’s growth in gross domestic product in 2000 and provided nearly a quarter of corporate tax income in 2003. But for many Finnish start-ups, which are involved in everything from mobile gaming and healthcare to robotics and smart sensors, the end of Nokia as a mobile phone company was a blessing in disguise in at least two ways: it took up all the international attention, overshadowing the efforts of nearly all other Finnish companies; and it freed

up a lot of talent. “Nokia’s problems have been one really big catalyst,” says Juho Makkonen, chief executive of ShareTribe, a start-up that allows people to create their own peer-to-peer marketplaces. He adds: “It’s really easy for start-ups to recruit people. There are a lot of great engineers working for bigger companies and a lot of those people are thinking: ‘it would be so much cooler to be in a smaller company doing my own projects’.” The buzz in Helsinki is perhaps best characterised by Slush, a winter event that has become one of the biggest showcases for start-ups in Europe. “It is like a rock festival,” says Jaakko Olkkonen, chief executive of Wellmo. The former head of Nokia’s health unit, Mr Olkonnen seeks to benefit from the wellness phenomenon by creating a mobile app and services to help companies make sure their employees get fitter and healthier. Like many others, Wellmo was supported by the

Nokia Bridge programme that helped former employees with their start-ups. There is an undoubted optimism among the start-ups. Mr Makkonen says his generation is searching more for purpose rather than a stable job and money. “There is hope. In many ways, we are taking a direction for the better,” he says. But, for all the successes such as Supercell, a mobile gaming company that develops products such as Clash of Clans (right) and sold a 51 per cent stake to Japan’s SoftBank in 2013 for $1.5bn, there are doubts about how far start-ups can make up for Nokia. Supercell employs under 200 people while Nokia at its peak had more than 130,000 workers (the new Nokia, focused on telecoms equipment, has about 60,000).

tries surveyed except Australia and Japan. At the same time, Finland’s productivity fell by 3.9 per cent a year, far more than any other country. Mr Wahlroos is scathing about the big pay increases, especially in 2007-08. He adds that the average Finn works about 50,000 hours in his or her lifetime, compared with 70,000 for Germans, 85,000 for Americans and more than 100,000 for many Asians. “We are losing jobs not just to China and India but also Germany or Spain,” he adds. Like others in Finland, he pins the blame at least in part on the euro. As in Greece, which saw the biggest pre-crisis rise in labour costs, Finland previously dealt with the problem by devaluing its currency. Now its options are tougher. “In terms of competitiveness, their cost level is the same as France, 20 per cent more than Germany, 15 per cent more than Sweden. To take back some 10-15 per cent in competitiveness is an enormous challenge. There is a huge need for structural reforms,” says Mr Borg. The government — once a six-party coalition that is now down to four parties — has tried to change this by pushing up the retirement age and pulling down the age for young people to stop studying and start working. But the trend in recent years is ever downwards, with the employment rate falling from 74.4 per cent of people aged 15-64 in June 2008 to 66.7 per cent this January. Without further action, it could weaken more. The proportion of Finland’s population that is of working age is due to fall from 65 per cent in 2012 to 58 per cent by 2030. Over the same period, the over 65s are expected to rise from 18 per cent to 26 per cent. Mr Liikanen concedes that the key structural issue is not unemployment but lower employment. While he is adamant that Finland is not in a depression, the central bank governor says global growth is not nearly as supportive of Finnish attempts to exit recession as it was in the 1990s. “The capacity to act is what will be tested today.” The consensus is that the government — in charge since 2011 but with a prime minister in the job for less than a year — has not done a great job at halting the decline. Mr Stubb acknowledges the problem. “I think the truth should always be told: I don’t think this has been a successful government,” he said last month. In other countries, this might lead to rich pickings for populist parties, particularly anti-EU ones such as the Finns Party, formerly known as the True Finns. But in recent polls they are performing less well than in 2011, at the

Triple-A recession Finland is seen by some of its politicians to have suffered from a ‘lost decade’ of spiralling wage costs and a lack of economic reforms Changing landscape The traditional mainstays of the economy — the forestry industry and the electronics sector around Nokia — have fallen into sharp decline Coalition building Finland, a cheerleader for austerity during the euro crisis, is likely to see a multi-party coalition — urging more belt-tightening — elected on April 19

height of anxiety over the Greek crisis. Timo Soini, the party leader, is still hopeful of joining a new coalition, blaming government inaction and the single currency for Finland’s predicament. “It’s partly because of the euro and it’s partly because of other stupid policies. The policies of the past four years have been extremely bad,” he says.

Coalition focus If Mr Sipilä wins the election — his Centre party remains about 8 percentage points clear off its rivals — he is likely to form a more compact coalition consisting of one or two of Mr Stubb’s National Coalition party, Mr Soini’s Finns and the Social Democrats. Mr Sipilä, who made millions in telecoms and bioenergy, says he wants to run the government more like a business with a smaller cabinet that functions like an executive board, implementing five big ideas. He points with distaste to the fact that the public sector accounts for 58 per cent of GDP while taxes are equivalent to 46 per cent of GDP. “The number one priority is to find a growth path again,” he adds, saying the main solutions include streamlining the healthcare system, shrinking the public sector and creating 200,000 new jobs in the next decade. Many in Finland invoke the concept of sisu, a term that means courage or perseverance, much on display in the 1939-40 winter war with the Soviet Union, for the reason the country will eventually pull through. Growth this year could well be slightly positive. There are plenty, however, who think the effort involved may be more than many Finns appreciate. “Once you have gone far enough down the road to depression or whatever you want to call it, the remedies you need to come up with tend to be too distasteful to those who think there is a welfare state solution,” Mr Wahlroos says.

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FINANCIAL TIMES

Thursday 12 March 2015

Letters

Email: [email protected] or Fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address Corrections: [email protected]

India has done much to empower women as equal citizens

THURSDAY 12 MARCH 2015

A new deal to keep North Sea oil flowing The UK fiscal regime needs a new approach, not just a tweak The UK government’s ferocious battle to prevent Mikhail Fridman, the Russian oligarch, buying up assets in the North Sea conveys the impression that Britain’s offshore oilfields remain a glittering prize that investors round the world are clamouring to add to their trophy cabinet. It would be nice if it were true. Sadly, however, this is no longer the case. After 50 years of activity and 42bn barrels of production, the North Sea is losing its lustre for explorers. There are many more hospitable locations — both geologically and fiscally — where oil investors can stake their cash. Recent falls in the oil price have emphasised the North Sea’s vulnerability. True, some of its problems are selfinflicted. One reason profits are so scarce is that operators have let costs rip. Many in the industry think the sector could cut its operating expenses by a startling 25 per cent without hitting bone: sufficient to drive much production back into the black. But beyond the undoubted need for economy lurks a bigger problem: the changing nature of the North Sea basin. Two worries in particular oppress policymakers and operators. The first is the relative unattractiveness of North Sea investment in a world where many less technically challenging options are available. Only 8-13 exploration wells are expected to be drilled this year, down from 45 as recently as 2008. The second concern is that operators may decommission crucial infrastructure as production declines. Critically this includes the pipelines that connect remote fields to shore. Without these arteries, many of the small, debt-financed operators that seek to scavenge the last smaller fields may pack up their drills and leave. The industry has pinned many of its hopes on the UK chancellor George Osborne to ease its fiscal burden in next

week’s Budget. To be sure, tax has a part to play in any solution. The government has proved a poor steward of the fiscal regime in recent years. Three times in the past decade, chancellors have staged smash and grab raids; the last time as recently as 2011. Operators currently pay between 62 per cent and 81 per cent on profits from production on existing fields, which is high by international standards. Cutting this could have some impact on behaviour, as could the simplification of the allowances system for investment. A key need, however, is to target assistance at the cutting edge of new investment. The most effective way to achieve this would be through a risk-sharing approach in which the government would invest alongside operators in new prospects. Norway provides a model. When investors incur losses as they drill wells, the Norwegian government sends them a cheque for part of the cost. In return, the taxpayer shares in the profits when the well starts to earn money above its cost of capital. This would not be a return to a 1970sstyle industrial policy, when government subsidised dying industries such as shipbuilding that were more rationally conducted overseas. Instead, it is a perfectly sensible way of maximising the value of the UK’s endowment of oil reserves and also preserving the country’s energy security. It would also be a way to keep existing infrastructure up and running as old wells expire. The North Sea has been a bonanza for Britain since the 1970s. But as the basin matures, the government needs to concoct fresh incentives to ensure it extracts as much value as possible from this national asset. For the past 40 years, Britain has milked the North Sea effortlessly. The next 20 will require rather more ingenuity.

The Senate Republicans play dirty over Iran Direct diplomatic approach to the Iranian leadership is misguided At the end of this month the US and Iran hope to clinch a new breakthrough over the Iranian nuclear programme, keeping alive the hope that a landmark pact can be reached this summer. While many will view any accord with cautious optimism, Republicans in the US Congress see matters differently. Over the past few days they have worked hard to sabotage President Barack Obama’s policy by making direct overtures to Iran and Israel that are aimed at scuppering any chance of a deal. Their misguided tactics not only risk damaging Mr Obama but the reputation of US foreign policy more broadly. Last week, Republican leaders took an unprecedented step by inviting the Israeli prime minister Benjamin Netanyahu to address a joint session of Congress without consulting the White House. Mr Netanyahu used the platform offered him to denounce Mr Obama’s Iran policy in a rousing speech. Now 47 Republican senators have gone a step further by writing directly to Iran’s leaders, warning them that any agreement signed this month could be undone “at the stroke of a pen” by a future president or future Congresses. Their initiative has been derided by the White House as “reckless” and “irresponsible”. The Iranian leadership should not pay too much attention to the Senators’ missive. True, hardliners in Tehran may use it to argue that the Americans cannot be trusted. But by the time Mr Obama’s successor has settled into the White House in 2017, any deal, if agreed, will have had two years to bed in. Nor is it easy to imagine the US failing to implement a pact that had been co-signed by its main western allies — Britain, France and Germany. The bigger concern regards the damage that these partisan Republican tactics are doing to the reputation of US

foreign policy. Throughout Mr Obama’s presidency, his opponents have used political obstruction and sabotage to subvert the White House on domestic matters. What is worrying is that they are now seeking to do this in the realm of foreign affairs where the tradition of bipartisanship, and the belief that politics “stops at the water’s edge”, is more hallowed. Senate Republicans are perfectly entitled to voice their concerns about an impending Iran deal, whether their criticisms are justified or not. After all, both houses of Congress have important foreign policy powers. Congressional approval must be sought for the declaration of war, and any budgetary matter regarding international affairs and defence. Congress also has a special role on Iran policy because it has legislated sanctions. Tensions between the White House and Capitol Hill on foreign policy are nothing new. Where the Senate Republicans are overstepping the mark, however, is by making direct diplomatic approaches to foreign government leaders. This strays into territory that rightly belongs to the executive branch. For 200 years, the president has been designated as the “sole organ of the nation in its external relations and its sole representative with foreign nations”. By subverting the president’s role, Congress risks giving the impression that American diplomacy has become dysfunctional and unpredictable. This weekend, the US and Iran enter the next critical phase of their highstakes nuclear negotiation. The Obama team is entitled to go into those talks without having its hands tied by hostile senators. If a deal is eventually signed Republicans, like everyone else, will have a chance to judge the details and broadcast their views. Until then, the US President should be allowed to get on with the negotiating.

Sir, India has indeed taken steps to tackle the root causes of crimes against women that your editorial “Ban of rape documentary in India is shameful” (March 9) advises. In his address to the nation on Independence Day on August 15 2014, Prime Minister Narendra Modi went to the roots, ie the families of India, saying: “When we hear about the incidents of rape we hang our heads in shame . . . Parents ask their daughters hundreds of questions, but have any parents ever dared to ask their son as to where he is going, why he is going out, who his friends are? After all, a rapist is also somebody’s son. He also has parents. As parents, have we ever asked our son as to what he is

doing and where he is going? If every parent decides to impose as many restrictions on the sons as have been imposed on our daughters, try to do this with your sons, try to ask such questions of them.” The government of India has taken steps over the past two years to amend laws relating to crimes against women, and has fast tracked cases involving such crimes. It set up a fund with £100m to assist programmes to empower women and enhance their security; the fund was doubled in the budget announced on February 28. Recognising that there is a collective responsibility to ensure dignity and safety of women, non-governmental organisations have been associated

It’s a misconception that currency hedging is necessarily expensive Sir, Lex asserts, in “Currencies: money talks” (FT.com March 4), that “currencies follow long-term trends and are notoriously hard to predict”, and that the “cumulative currency effect can be huge”, but concludes that investors should “never predict currencies”. This is a false choice. Investors are inherently expressing a bullish view on foreign currencies when they typically buy foreign assets — without a hedge. If you have no view on a currency — and there are no theoretical reasons why currencies should add extra return to investors — why should investors take on the exposure and live with the uncompensated, unnecessary volatility? Lex perpetuates a widespread misconception about currency hedging. Hedging is not necessarily expensive. The cost of hedging is essentially the short-term interest rate differential between markets and the bid/ask spread of trading hedges. Lex cites the euro-dollar pair. Currently the cost from using euro forward contracts on rolling monthly basis is 2-3 basis points per year. Currencies are the most heavily traded instruments in the world and the transaction costs decried as paying a “middlemen” are negligible for longterm investors. In addition, as US rates rise relative to Europe and Japan, dollar-based investors will be paid to hedge euro and yen exposure. To say the same thing, it looks like it will become “expensive” for investors not to hedge their euro and yen exposure. Jeremy Schwartz Director of Research, WisdomTree, New York, NY, US Marc Chandler Global Head of Markets Strategy, Brown Brothers Harriman, New York, NY, US

Income tax or CGT, but not both Sir, Ian McVeigh (Letters, March 10) protests too much: while every £100 that Jupiter earns will pay corporation tax, what is left will be either distributed and liable to income tax or retained and potentially liable to capital gains tax, but not both. Roger Clark London W8, UK

After Charlie Hebdo, a blurring of fiction and fact Notebook by Roula Khalaf

Why is it always the other fellow who has to resign? Sir, Robert Jenkins, who demands the resignation of the HSBC chairman Douglas Flint (Comment, March 11), is the latest in a growing line of resignation-demanders in your pages, many of whom write from the commanding heights of retirement after long and lucrative careers. I don’t know Mr Jenkins but his online CV tells me he ran asset management for a Swiss bank at the height of Swiss banking secrecy, and served at the Bank of England at the height of the financial crisis. He has never felt a need to resign from anything. Is Doing the Right Thing always a job for the other fellow? Keith Craig London SW7, UK Sir, The HSBC case clearly does raise questions about the general responsibilities of directors for corporate culture, and whether such large organisations are too big to manage. What seems to have been overlooked however is that there was also a very specific failure here. The application of the EU Savings Directive to Switzerland clearly faced banks with the issue of how to advise their clients on compliance. The leaked evidence shows that some staff were at least complicit in, and in some cases encouraged, clients finding ways to continue concealment. The question to HSBC directors should be, what directives were given to staff in the private bank about handling this? Sol Picciotto Leamington Spa, Warwicks, UK Emeritus Professor, Lancaster University Senior Adviser, Tax Justice Network

Nagib Azergui is a victim of mistaken identity. His case would be easily fixed if he were mixed up with a lookalike. But the 37-year-old IT expert has been confused with a character in a novel. Mr Azergui is the founder of the Union of French Muslim Democrats, a tiny organisation with a programme arguing that all things associated with Islam, from halal meat to the veil, are part of democratic freedoms rather than looming threats of a jihadi takeover. That a party with the word “Muslim” in its name should exist in fiercely secular France might sound odd, even if it insists it is committed to secularism and the republic. It was all the more shocking to some people in light of the emergence of Soumission (Submission). In the novel by Michel Houellebecq — one of France’s most sardonic writers, known for his controversial statements about Islam — we are in 2022. The Socialists and centre-right candidates are trounced in the first round of the presidential elections. Voters are left with a choice of two extremes: Marine Le Pen of the National Front (FN) and Mohammed ben Abbes of the Muslim Fraternity. Mainstream parties line up behind Mr ben Abbes to block Ms Le Pen, propelling a Muslim party to the Elysée. The result: universities Islamised and men taking second wives. The novel caused a stir even before it was published amid accusations that it reinforced the stigmatisation of the Muslim minority. Curiously, it hit the

with these programmes. Indian legislators discussed the measures and their effectiveness in open debates, all reported extensively in our media networks. While you comment that “no one is suggesting that misogynistic attitudes are unique to India”, this message is not conveyed in the film, nor particularly in the efforts to broadcast it worldwide. No documentaries have been taken to international audiences on shocking crimes elsewhere involving thousands of very young girls, or the seeming indifference of authorities investigating those crimes or responsible for protecting the young, or the cynicism of lawyers defending the criminal

perpetrators. Media reports do not seek to give publicity to criminals, nor do they suggest they reflect national attitudes, as you argue is the case with India. India has done much to empower its women as equal citizens and will continue to do so. An awakened civil society gives confidence that the scourge of sexual crimes will be dealt with more effectively. The much needed commitment to gender equality and women’s rights would be better served if a film about a convicted criminal were not used to unreasonably single out our country. Ranjan Mathai High Commissioner of India to the UK

Etsy business approach pioneered by Ruskin

today, but why the Judeo-Christian tradition was so intolerant”. One can certainly quibble over the definition of “real”, but surely the pressing question for us today is what we can do to stop Isis’s outrageous iconoclasm before it does more damage to sites and artefacts of global importance. Perhaps afterwards we can have a lively debate about how the fields of archaeology and anthropology developed in the west despite its intolerant tradition of iconoclasm. David Beffert Portland, OR, US

Sir, The “Etsy” online business concept outlined in Andrew Hill’s column “Why I hope Etsy survives flotation with its soul intact” (March 10) demonstrates the validity of ethical business economics approach pioneered by John Ruskin, the 19th century social commentator, discussed in a seminar held in London a few years ago to evaluate the application of his ethics to the post-banking and financial crisis international market place. Mr Hill highlights the risks, as well as the potential benefits, of the ethical base of the online Etsy company, where individuals can market their own quality handmade produce within a “publicly traded ‘B Corporation’, certified as following high environmental and social standards”. The Etsy business organisation design concept, effectively combining the ethical writings of John Ruskin’s book of essays Unto This Last with the writings of Samuel Smiles, another social commentator, surfaced in the UK in the mid-19th century, emphasising the benefits of the process of technology innovation and social change, and the role of self-help and the individual. During the 19th century period of globalisation, whose markets were dominated by the British empire, Britain became the workshop of the world, within a new emerging international free-market economy based on the economic macro economic theories of John Stuart Mill. The social change ramifications of the free-market political economy which surfaced out of his theory, I suggest, created worldwide areas of extreme “Dickensian” poverty, dire working and living conditions, and wide social divisions. A similar scenario to that which motivated the emergence of social commentators such Ruskin and Smiles during the 19th century is, I suggest, motivating the emergence today of online “B Corporations” such as Etsy. Bert Curtis Bursledon, Hants, UK

Arithmetic is still the same Sir, Your article “Efforts to profit from contango all at sea” (March 10) seems to imply that the “tanker-contango” trade hasn’t worked — that would be news to traders who put on a trade at a $12 contango and could take it off at a $5 contango soon after without having to wait a full year. This while still able to flog off the storage and do it all in a higher market, which in a normal contango would have created a wider spread — not too bad. It’s been a while since we had contangos in raw materials but the arithmetic is still the same! John Maltby Sleepy Hollow, NY, US

UK’s talent pool is about to get wider Sir, Laura Noonan and Alison Smith (“The game is up for British investment banking”, March 10) argue the pros and cons of the decline in UKowned investment banking. A benefit they should have added is that all those able people that used to be drawn to investment banking will now be available as a talent pool for the ranks of new businesses being started in Britain. Surely that’s a much better way of building a Mittelstand than selling companies a host of complex financial products they don’t need? Hugh Stewart Managing Partner, Shackleton Ventures, Winchester, Hants, UK

Most pressing question is how to stop destruction

Clarification

Sir, After providing a potted history of iconoclasm in western culture (Letters, March 11), Niccolo Caldararo tells us that “the real question is not why [Isis and the Taliban] have decided to destroy ancient sites and artefacts

c NagaCorp was awarded its Cambodian gaming licence in 1995 by a coalition government of the Cambodian People’s party and the Funcinpec party and not a CPP government as stated in an article on March 5.

bookstores on the day of the Islamist massacre at Charlie Hebdo — the satirical magazine that also featured Mr Houellebecq on its front cover that week in January. The book’s impact has been felt keenly by Mr Azergui, whose “micro” party suddenly took on much greater importance in the imagination of the far right — Ms Le Pen, for example, deems the plot not so crazy a theory. “The party has been around since 2012 but people thought we had launched it because of the book and that we had similar intentions [of reaching power],” Mr Azergui tells me when I meet him in Paris. “Everyone rushed to say this party exists and it can be a danger. One politician even called us terrorists.” His ambitions were quickly derailed. The party — which has a single elected local representative, in the Paris suburb of Bobigny — had plans to field candidates in eight constituencies in this month’s regional elections. In the past few weeks, however, supporters have taken flight. “The candidates questioned whether they wanted to expose themselves to something that will backfire,” says Mr Azergui. “And donors became paranoid because they knew donations would have to be registered.” The party is focusing its few remaining resources on a single constituency, Marseille, and hoping to make it to the election’s second round. Mr Azergui is disappointed: “Houellebecq’s book was treated not as fiction but as a political treatise.

That’s what is worrying.” Muslims, he continues, have a lot more to offer than Soumission’s vision of Shariah law. “If we decided to launch this party, it is precisely because we need to fight that stigmatisation.” It may be that Mr Azergui’s setback is temporary. But it may also be that a party whose aim is to counter the rise of the FN is more likely to feed perceptions of a community that is failing to integrate rather than to improve its lot. After all, Mr Houellebecq seems to have dreamt up his plot because of a xenophobic view of French Muslims. “Overall [they] aren’t interested in economic issues, their big issues are what we nowadays call societal issues,” claims the author in an interview with the Paris Review. “So if a Muslim wants to vote, what’s he supposed to do? The truth is, he’s in an impossible situation. He has no representation whatsoever.” Mr Azergui would find the author’s arguments outrageous. Muslims, he says, are losing faith in the political class because they are alienated, not because they are different. Mainstream politicians, he tells me, are taking up some of the discourse of the FN, leaving no one to counter a growing Islamophobia. His fear is that the denouement of the political drama playing out in Paris will send Ms Le Pen to the presidency, a prospect that according to the opinion polls has become a possible reality. [email protected]

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Thursday 12 March 2015

15

FINANCIAL TIMES

Comment Luck has bought a little time for Abenomics ASIA

David Pilling

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s Abenomics a busted flush? To sceptics it must certainly look that way. Japan’s growth has faltered. A downward revision this week showed the economy expanded at an annualised rate of 1.5 per cent in the fourth quarter. That may not sound too bad for a mature economy that has not exactly dazzled in recent years. However, it comes after two quarters of sharp contraction. Output actually shrank in 2014, albeit by a minuscule 0.03 per cent. Negative growth, however minor, is hardly the “escape velocity” economists say Japan needs to shake off 20 years of deflation. Banishing deflation was supposed to be the core of Abenomics, introduced by Prime Minister Shinzo Abe in December 2012. Here again, news looks bad.

Haruhiko Kuroda, the central bank governor, promised to hit 2 per cent inflation within “about two years” of April 2013. He is now fudging. In the language of central bankers, apparently, “about two years” can mean three years or more. So much for transparency. Core inflation, which includes energy, is running at just 0.2 per cent. Unless oil prices stage a sudden rally, Japan could soon find itself back in deflation. Abenomics without inflation is like Hamlet without the ghost. Weak inflation puts pressure on the Bank of Japan to undertake yet more quantitative easing after its surprise second salvo last October. If it does not act, it could lose credibility both with markets and with a public that needs convincing inflation is here to stay. Low inflation stems in part from a policy blunder: last year’s three point rise in consumption tax just when consumers were being asked to spend. Instead, they snapped their wallets shut. All this makes it hard to argue that things are going to plan. And yet the picture is more positive than it appears. The bigger reason for disinfla-

tion is the low oil price. That may present the BoJ with a quandary — but for the economy overall it is excellent news. Japan is a huge energy importer, more so since it closed its nuclear reactors after a tsunami struck the Fukushima plant four years ago. Cheap oil ought to do wonders for demand. It should also allay concerns about current account deficits. This year, Japan’s

Cheap oil should do wonders for demand and allay concerns about Japan’s current account deficits surplus should hit a robust 3 per cent. Crucially, disinflation may be a prelude to demand-led “inflation”. How might this work? After Abenomics was launched, inflation rose quickly to about 1.5 per cent on the back of high oil prices and a weak yen. While economists celebrated, consumers wondered where their spending power had gone. This year, precisely the opposite should

happen. Corporate profits have never been higher. Exports are strong. Even sunset industries such as shipbuilding are making a comeback. As a result, companies — under intense pressure from the Abe government — may raise base wages in this month’s annual pay talks by up to 2 per cent. Even before January’s annual pay round, basic pay — excluding bonuses — was up 0.8 per cent on the previous year, the steepest rise in 15 years. A combination of flat or falling prices and higher wages could produce a mini-consumer boom. Nor is that potentially rosy scenario just down to cheap oil. The labour market is the tightest it has been in years. That is partly because, in spite of last year’s two weak quarters, output has been rising at above trend rate for more than two years. Demographics are also playing a part. As the workforce shrinks, by about 300,000 each year, businesses from builders to care homes find themselves short of staff. Since Abenomics started, nearly 1m women have joined the workforce. Most have taken on lower-paid work but even this may

be changing. There are tentative signs that companies are starting to put contract workers in better-paid full-time jobs, says Jesper Koll, nation that is actually increasing the director of research at JPMorgan. Japan, he adds, could be the only wealthy size of its middle class. None of this means Mr Abe can breathe easily. There is still a looming debt problem even if, largely thanks to booming tax revenues, bond issuance has been cut below Y40tn for the first time since 2009. Even If a shrinking workforce provides a short-term fillip, in the medium term Japan will have to grapple with how to finance the needs of an ageing population. Those who put their faith in structural reforms also complain that “third arrow” of Abenomics has not yet left the quiver. Yet, for all these concerns, the economy may well defy the pessimists this year and next. Certainly, it would be premature to declare victory. But neither is Abenomics dead and buried just yet. [email protected]

Venture capital needs to be a happy family BUSINESS

John Gapper

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he San Francisco trial pitting Kleiner Perkins Caufield & Byers, one of Silicon Valley’s oldest and most venerable venture capital firms, against Ellen Pao, a former junior partner who claims that she faced sexual harassment and discrimination, has forced an institution that prefers to remain private into the public gaze. Among other things, it has raised questions about how well John Doerr, its de facto leader, knows his own firm. “It’s a partnership. Nobody really runs a partnership. We make decisions together,” Mr Doerr told the court last week. This is not how some of Kleiner Perkins’ women executives perceive it. It was “becoming more of a cult of personality, and each personality had its own brand”, one told Stephen Hirschfield, a lawyer that the firm hired in 2011 to investigate Ms Pao’s allegations. If Kleiner Perkins crumbles because it cannot make a smooth transition to the next generation of partner-leaders, male and female, it will be a terrible waste. Ms Pao entered the witness box this week and the case has shown what the top venture firms clustered around Sand Hill Road in Silicon Valley need to worry about most. An enduring partnership — what

Kleiner Perkins called in a brief to the court “a family, with occasional disputes” — is of enormous value in venture capital. That is not just a useful marketing myth while rivalry flourishes behind closed doors. It has real, sometimes extraordinary, financial benefits. Venture capital as a whole, despite the urge among private equity firms, hedge funds and mutual funds to invest in technology, is a mediocre asset class. The money is locked up for a long time and returns have not been high enough to compensate. “Most venture firms are not very successful. The returns for the venture industry don’t even match passbook savings,” Mr Doerr said. But a few do very well, and carry on doing well across funds and generations. Newcomers such as Andreessen Horowitz sometimes break into the top tier, while others fade away — the fate that Kleiner Perkins has to avoid. But Sequoia Capital, Accel Partners, Benchmark and others keep on going. The gilded elite achieve returns that are “not just average but spectacular. The kind that are impossible to get elsewhere unless you strike oil or have a natural monopoly,” as Saul Klein, an Index Ventures partner, describes it. Outside investors vie to put their money into the most exclusive funds. Their success is due in part to the investing instincts of figures such as Mr Doerr, whose reputation was dented by an unprofitable bet on green energy in the mid-2000s. (“A tech visionary, he is constantly hunting for ‘the next big thing’,” was how the firm billed him to investors in 2013.) Partly it is due to insight — the operating expertise their

Ivo Daalder

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oes Europe need an army? Jean-Claude Juncker seems to think so. “A common army among the Europeans,” the Commission president told Welt am Sonntag, “would convey to Russia that we are serious about defending the values of the European Union.” But Europe’s problem is not that it lacks an army. It is that it lacks a serious commitment to defence — national, European or transatlantic. European defence spending has been in serious decline for well over a decade. In 2000, European Nato countries still spent 2 per cent of their combined gross domestic product on defence (the Nato target). By 2007, well before the financial crisis, spending had declined

to 1.5 per cent of GDP. And since the crisis, spending has continued to decline by an average of 2 per cent a year. The Ukraine crisis and Russia’s aggressive posture was supposed to put an end to this decline. In September, Nato leaders meeting in Wales pledged to halt the decline in defence spending and move to increase it in real terms as their economies began to grow. Ultimately, these leaders pledged to reach the target of 2 per cent within a decade. An analysis by the European Leadership Network demonstrates that many European governments have failed to meet even the minimal test of halting the decline in spending. A survey of plans for the coming year shows that six countries are continuing to cut spending, including many of the largest: the UK, Germany and Italy. Indeed, Britain’s anticipated cuts will result in spending below the Nato 2 per cent target for the first time in many years. France is planning to keep spending level, while the Netherlands and most Nato countries in eastern Europe are planning increases. Even so, only

ECONOMICS

Chris Giles ritain rightly prides itself on the flexibility of its labour market. It appears to hit something of an international sweet spot, broadly protecting employees from exploitation while allowing managers to manage. Bearing witness to this success, British unemployment is no higher than that in the US, despite a worse recession and recovery. Employment rates in the UK have never been higher for those aged 16-64 and the country is seen as a beacon to the unemployed in less fortunate European economies. Jobless rates above 10 per cent in France, Italy and Spain are a world away from the 5.7 per cent boasted by London. Not so fast. For all Britain’s ability to look down on its Mediterranean neighbours, evidence is mounting that we have been aping one of their most destructive feature: the creation of a dual labour market which discriminates against the young and inexperienced. In Rome and Madrid, despite recent efforts at reform, stringent employment protection regulations have cosseted older workers on permanent contracts while new hires have minimal rights. In Britain, a similar effect has been achieved even without disastrous rules. Cash-strapped employers have saved money by singling out new employees for worse conditions than time-servers. It is easier for employers to hit out at those who cannot complain because they have not yet started work and existing employees have turned a blind eye. So, for an easier life, employers tell new recruits to lump it because “the world has changed”.

B

The gains for older workers come not because they are worth it but through the exercise of power partners bring to boards of the portfolio companies in which they invest. Much, however, is due to network effects that accumulate over time. Especially in Silicon Valley, source of many “unicorns” — tech start-ups valued at $1bn or more — these firms offer their imprimatur to in-demand start-ups that could easily raise money elsewhere. When Mr Doerr testified that Kleiner Perkins was “lucky” to “win 80 per cent of the time” when it competes to invest, he was being modest. Venture returns have risen in the past couple of years, helped by initial public offerings by Facebook and Twitter, and exits including the $3.2bn acquisition by Google of Nest, the smart thermostat

These firms offer their imprimatur to in-demand start-ups that could easily raise money elsewhere

company backed by Kleiner Perkins. The annualised 10-year return for US venture capital reached 10 per cent in the first quarter of last year, according to a Cambridge Associates index. This still means investors received only a modest premium above the S&P 500’s 7.4 per cent annualised return over 10 years. That is not enough to compensate for illiquidity, according to Diane Mulcahy, director of private equity at the Kauffman Foundation. But plenty want to invest in Uber, or one of the other late-stage companies now raising hundreds of millions in capital. The rush into what Bill Gurley, a partner of Benchmark, has called “the most crowded party that’s ever been thrown” further raises the value of partnerships that specialise in early stage investment — what venture capital is, or should be, about. There is no point in enlarging such funds, small investments are enough, and the leading firms have scaled recent funds back. This is a young industry. Kleiner Per-

kins and Sequoia were both founded in 1972 and are among the oldest of the leading firms. Combine that with the length it takes for early stage investments to reach maturity, often 10 to 15 years, and venture capital is barely into its third generation. So the capacity to bequeath a firm’s knowledge and brand value is highly valuable. Kleiner Perkins managed to pass its leadership from the original partners to Vinod Khosla and Mr Doerr (Mr Khosla later left in 2004). Soon enough, Mr Doerr will need to deliver his own succession. The Pao case indicates what he is up against. Venture firms have to cultivate forceful individuals among their top partners — those who follow the crowd will be poor investors — yet remain a collective with a single, enduring name. The financial incentive to co-operate is very strong but it contends with rivalry, ruthlessness, and other misbehaviour. [email protected]

Europe’s budget choices show it lacks commitment on defence OPINION

The dark underbelly of Britain’s jobs miracle

Estonia will actually spend 2 per cent of its GDP on defence. Perhaps most surprising, and disappointing, is the fact that cuts in the British defence budget for this year will leave UK spending below the Nato 2 per cent target for the first time in many years. This embarrassing fact has led the Cameron government to look for ways

British cuts will leave UK spending below the Nato target for the first time in years to pad the overall budget number, for example by including war pensions and spending on intelligence, to stay near or even at 2 per cent. Other Nato countries have also resorted to this practice. Greece for example has long been above the threshold by including large personnel and pension costs. But the fact remains

that real UK defence spending is set to decline. As significant as overall spending levels is the reality that Europe has been spending in ways that do little to improve current and future capabilities. For years, much of annual defence spending has been on operations — in Afghanistan, for anti-piracy operations in the Indian Ocean and for peacekeeping missions in the Balkans and elsewhere — starving research, development and procurement funds of muchneeded investment. When compared with US spending patterns, the picture becomes even worse. More than half of all European defence spending goes on personnel, compared with one-third of the US budget. Less than 20 per cent of European spending went on investment, compared with more than 30 per cent in the US. As a result, the US spends seven times as much on research and development, three times as much on equipment and four times as much per soldier as the European Nato countries combined.

If building a European army can address this sharp, steady decline in spending and capabilities, then the US would be the first to welcome the initiative. But there is no evidence that governments are more willing to spend for the defence of Europe than they are for their national defence or for Nato. The issue is not whether Europe needs an army to demonstrate its seriousness about defending the values of the EU. The issue is whether Europe is serious about defending itself against real and growing security threats. Judging by budgetary decisions, the answer, unfortunately, is No. The writer is president of the Chicago Council on Global Affairs. From 2009-13 he was the US Ambassador to Nato. THE EXCHANGE

The Exchange Agenda-setting commentary from around the world ft.com/the-exchange

Hidden for many years, the effects are now crystal clear in the data. Youth unemployment at 14.3 per cent is about three-and-a-half times the rate of those aged over 25. While those aged between 16 and 24 account for a third of employment with “zero hours contracts” offering no guarantee of the amount of work on offer every week, the same group only accounts for 12 per cent of jobs with normal employment contracts. The upshot is that even with higher qualifications than any previous generation, the youth of today have seen their wages fall far behind older colleagues, often with the same employer. In aggregate, Resolution Foundation research shows that the real median wage of those aged 22 to 29 fell 12.7 per cent between 2009 and 2014, compared with a 9 per cent drop for people in their forties and a squeeze of only 3.9 per cent for the median employee over 60. Private and public sector employers have cut wage bills by eliminating automatic annual increments for inexperienced staff and waiting for their older, more expensive workers to retire on rather good pensions. The consequence of Britain’s disguised dual labour market copies the overt rules in other countries albeit in a less extreme form. In the short term, hardship is concentrated among younger people who are no longer well off in society. In the medium term, by favouring the long in the tooth, younger people will miss out on experience, training and opportunities to improve their skills, damaging long-term employment and the nation’s wealth. Remember, the relative gains for older workers come, not because they are worth it, but through the exercise of power, even in a relatively flexible labour market. Forget unions, the genteel grey brigade in Britain’s workplaces is the new militant tendency. The good news is that there is some hope ahead that the pernicious dynamics hitting the young is beginning to change. Youth unemployment is now falling faster than general joblessness at the same time as a surge in the numbers reaching the retirement zone. Demand for younger workers should go up quickly, raising pay levels towards a more sustainable balance. That is, so long as the youth show a reciprocal lack of solidarity with their elders and demand a better deal. [email protected]

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16

FINANCIAL TIMES

Thursday 12 March 2015

BUSINESS LIFE

Buffett shows HSBC and Delta Air Lines how to say sorry

Michael Skapinker Businessandsociety

Doctors bury their mistakes and, according to a 2008 UK survey, often keep quiet about them. They shouldn’t. The General Medical Council practice guidelines say doctors who err “should offer an apology and explain fully and promptly . . . what has happened”. But the survey of junior doctors found that “errors were normalised, dealt with through teasing, or minimised”. Dead patients would probably have died anyway. Daniel Sokol, a lawyer and medical ethics lecturer who cited the survey in a BMJ article, says that “admitting a mistake is painfully difficult for any self-respecting professional”. He could have said the same of many business leaders. Last month, Richard Anderson, Delta Air Lines’ chief executive, accused Emirates, Etihad and Qatar Airways of receiving state subsidies. The Gulf carriers have argued that US airlines received government help after 9/11, but Mr Anderson called their riposte a “great irony”, given that the attacks “came from terrorists from the Arabian Peninsula”. Delta said in defence of its chief executive: “He didn’t mean to suggest the Gulf carriers or their governments are linked to the 9/11 terrorists. We apologise if anyone was offended.” Of course they were offended. It was hard to read in Mr Anderson’s statement anything other than an association between the airlines or their governments and the attacks. What would it have cost Mr Anderson to have spoken for himself? He could have said: “Sorry, I went way

too far. Of course the airlines had nothing to do with 9/11. I was irritated because they keep saying we got subsidies. There was a one-time payment to airlines in the aftermath of the US airspace closure after 9/11. Delta didn’t receive any loan guarantees.” All that was in Delta’s statement but because of the flimsy apology, few paid any attention. HSBC, whose chief executive, Stuart Gulliver, described its Swiss private bank’s role in tax evasion as a “source of shame” did say sorry. He said it in a letter to customers, shareholders and staff and twice before UK parliamentary committees, most recently this week. But he and other senior HSBC leaders repeatedly stalled when pressed on whether they had asked themselves why so many non-Swiss people had Swiss bank accounts and why they were not more suspicious about customers withdrawing huge amounts in cash. Admittedly, these parliamentary hearings are adversarial and pitiless, with MPs probing for any admission of guilt they can leap on. But, again, Mr Gulliver would have been no worse off if he had said: “Look, things were different back then. Private banks, and not just ours, took the view that it wasn’t up to us to make sure our customers paid their taxes. It was a matter for them, their tax authorities and their consciences. But, since the financial crisis, everything has changed, and we recognise that.” HSBC said just that, in more formal terms, in a January update. One business leader who has no

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In his Berkshire Hathaway shareholder letter he dredged up 50 years of mistakes

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problem detailing his mistakes is Warren Buffett. He regularly does it in his annual letter to shareholders. This year’s marked the golden anniversary of his and Charlie Munger’s control of Berkshire Hathaway so he dredged up 50 years of mistakes. They included investing in dying textile companies and seeing acquisition “synergies” evaporate. More recent mistakes included holding on to Tesco shares even though he knew it was likely that the UK retailer’s initial problems were just the first in a series. “You see a cockroach in your kitchen; as the days go by, you meet his relatives,” he wrote. The reasons Mr Buffett gave for his mistakes were not poor advice, or lapses by his managers, but his own “thumb-sucking”, “childish behaviour” and “I simply was wrong”. The advantage of pointing out your own errors is not only that it deprives others of the opportunity but that it makes it plain that business is hard, that we make mistakes and that only by examining them can we reduce, but not eliminate, our chances of making them again. Doctors often fear the legal consequences of admitting errors. Business leaders sometimes do too but, far more often, it is stubborn pride. If they opened up, they might discover that the sky would not fall or, in the case of HSBC, that there is no point in denying the obvious because it already has. [email protected] Twitter: @Skapinker

Naguib Sawiris says he helped save Egypt from Islamist ‘fascism’. But is his media empire benign? Heba Saleh meets him

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t is not usual for Egyptian businessmen to court political controversy, and more so if they come from the country’s minority Coptic Christian community. But Naguib Sawiris, the outspoken billionaire who built a telecoms empire extending from Algeria to Pakistan, before selling it to Vimplecom of Russia in 2011, has a history of making waves. A man who does not shy away from risk — he invested hugely in Algeria and Iraq when both countries had barely emerged from war and he still operates a telecoms network in North Korea — he took what must have been the biggest gamble in his life when he vociferously opposed the rule of the Muslim Brotherhood in Egypt two years ago and played an active role in its downfall. In his elegant Art Deco offices overlooking the Nile in Cairo, he says he entered politics after the 2011 revolution because he “saw that the Brotherhood were going to be undemocratic, and they will mix religion with politics and we will end up with a big mess”. His television channel, ONTV, and the political party he founded and still bankrolls, the Free Egyptians, were at the forefront of efforts to mobilise against the elected Islamist president, Mohamed Morsi, who was removed by the military in July 2013 on the back of huge protests against his rule. ONTV was “the dagger, the sword” against the Islamists, he says. Now that the Brotherhood has been ousted and the country is being led by Abdel Fattah al-Sisi, the former army chief, Mr Sawiris remains in politics because he wants to “make sure the Egyptian economy will be built in the right way”. Speaking in the run-up to an international investment conference hosted by the Egyptian authorities this weekend, he says that for the first time in three years he is ready to invest in his home country — up to $500m in infrastructure, renewable energy and logistics. He is also expanding a sugar factory he owns in southern Egypt, is considering “a major investment’ in public transportation and is taking up river transport licences when they are offered. “We waited until there is a stable regime that is open and has a clear economic view,” he says, while dismissing a spate of small but sometimes lethal bombings by presumed Islamists as “not going to get them [the perpetrators] anywhere”. Amendments to an investment law just announced address some of the concerns of entrepreneurs such as Mr Sawiris, who want business-friendly laws that ensure the fulfilment of contracts with the government and shield businessmen from jail if their ventures fail, leaving them with debts. To critics who charge that the removal of Mr Morsi put paid to Egypt’s experiment in democracy and ushered in massive repression against what had been an elected group and its supporters, Mr

The Egyptian tycoon with a sharp political edge Sawiris responds that the Brotherhood was building a religious “fascist regime” that had to be stopped. His opposition to the Islamists during the rule of Mr Morsi had brought on his family the wrath of the then government. In March 2013 his brother Nassef — a tycoon in his own right and the chairman of Orascom Construction Industries, a global construction and fertiliser conglomerate — was slapped with a tax bill and fines of almost $2bn. The claim was rooted in a 2007 stock exchange transaction until then recognised by the authorities as tax exempt. A travel ban was placed on the brother and on their father, Onsi, the former chairman of OCI, who were both out of the country at the time but could have been arrested had they returned. His family begged him to remain silent, but Mr Sawiris says he was undaunted, even when the message came from the authorities that the claim would be dropped if he “shut up”.

A turbulent period 3 June 2012: Egypt’s Islamistmajority parliament dissolved by constitutional court; Mohamed Morsi wins presidential election 3 November 2012: Mr Morsi expands powers, limits judiciary 3 June 2013: The biggest demonstrations in Egyptian history, against the rule of Mr Morsi 3 July 2013: The army overthrows Mr Morsi and places him and his aides under arrest 3 May 2014: Abdel Fattah al-Sisi, a former defence minister, wins a landslide victory in Egypt’s presidential race and vows to reform the economy

“There is this belief that every [Egyptian] Christian is scared and every Christian will give the other cheek. Well, there are some Christians like me who believe in the Jewish or Islamic saying, an eye for an eye and a tooth for a tooth. If you attack, I will respond. My right.” So does he now feel targeted by Islamist militants? He laughs: “I don’t feel it. I know it. Letters have been found with my name on assassination lists. I have enough proof.” In addition to his media holdings in Egypt, which include ONTV, stakes in at least two newspapers and an advertising company, his latest venture is the acquisition of a majority share in French media company Euronews. The deal still awaits regulatory approval, but it has been endorsed by the broadcaster’s board. To Mr Sawiris, Euronews is attractive because “it is the most neutral news channel in Europe or in the western world”. Like many opponents of the Muslim Brotherhood in Egypt, he considers coverage of the ouster of the Islamists by western media to have been biased to varying degrees. But he denies any intention to use his investment in Euronews to influence international discourse about the Islamists. His interest, he says, is mainly as an investor attracted by the channel’s own new business plan. “The changes will be more emphasis on the digital world, on social media, in expanding in other languages, revamping the brand and introducing more political shows, which they don’t have.” But for all his animosity towards the Brotherhood which he blames for acts of violence in the country, Mr Sawiris still says he is troubled by what he considers a “witch hunt” against them in Egypt. He is adamant his local media outlets

Extending his reach to Euronews: Naguib Sawiris in his office in Cairo Reuters

‘There is this belief that every Christian is scared and every Christian will give the other cheek. Well . . . if you attack, I will respond’

have always been fair and objective. So why is it then that critical voices, coverage of human rights and presenters who challenge the state appear to have largely disappeared from the screen of ONTV? “I did not ask anyone to [leave],” he says. “People are now fed up from revolution, fed up from human rights, fed up from demonstrations, fed up with strikes. You can’t blame people for focusing on their lives, their bread, their work and their economy.” He points to his recent support for Liliane Daoud, a Lebanese presenter on ONTV, who hosts what is seen as one of the few remaining impartial shows. She was the target of a campaign of vilification, which even called for her expulsion from the country, for tweeting a message of support for secular activists handed down prison sentences for breaching a controversial law restricting demonstrations. “I would like them [the government] to safeguard freedom of speech and the freedom of young people to express their opinions even if they don’t like it. I would like to see an election that has no interference. I would like the next government formed with the approval and the inclusion of all political opinion.” He says there is evidence of “the return of old methodologies”, with the state trying to engineer alliances ahead of parliamentary elections, recently postponed, but still expected within months. He acknowledges that his party has entered one such electoral list despite its reservations. “We didn’t want to clash,” he says. “We believe that a clash right now in Egypt is counterproductive. We believe that the fight in Egypt is about the economy and we are going to help in that direction; but a clash and disruptions . . . we are not in favour.”

Review

Love-bombing the world with fruit and nut bars MIAN RIDGE

Do the Kind Thing: Think Boundlessly, Work Purposefully, Live Passionately Daniel Lubetzky Ballantine Books $26

One day, when he was 25 years old, Daniel Lubetzky lay on his bed in his studio flat and realised his life was becoming intolerable. A tower of Dead Sea soaps, piled high by his bed, threatened to collapse on top of him. His path to the bathroom was blocked by stacks of sun-dried tomato spread, also imported from the Middle East, which he could not sell because they did not taste quite right and their lids leaked oil. Every day, as he pounded the pavements of Manhattan, in a new city where he had few friends, shopkeepers told him his products would not sell. Two decades later, Lubetzky is basking in his hard-won success. His Kind Healthy Snacks company sells 458m fruit and nut bars a year, as shown in a chart in his new book, Do the Kind Thing (there is no graph for profit, though he tells us he was clearing sales of $13m in 2008). And the story of how he got here makes an enjoyable read. Lubetzky does not skirt around the painful details of clueless early entrepreneurship, describing his pricing structure at one point as “insanely dumb”, nor the lessons he learns on his long slog to profit. As the title suggests, the book is also Lubetzky’s manifesto for social enterprise or what he calls the “not-only-for-profit” company. His early business, intended, we are told, to help bring peace to the Middle East, has morphed into Peaceworks, a global business that promotes peace through commercial

ventures among Israelis, Palestinians and others. This is clearly terrific, but Lubetzky’s social evangelism does not make enriching reading. This is largely down to his tone, which suggests a low view of his readers, as if they might never have considered behaving compassionately before. His description of the importance of empathy, especially, reads like a lesson to robots in human behaviour. At times, the only possible response to his selfcongratulatory mix of commerce and compassion is cynicism. “In our ideal world,” he writes, explaining the cards that Kind hands out — an advertising gimmick that also, supposedly, spreads kindness — “in the morning a person eats Kind Healthy Grains Clusters with their yoghurt . . . and in the evening she spots a person doing a kind act and gives that person a #kindawesome card”. When he stops preaching and returns to his own tale, Lubetzky again becomes likeable. As his business flourishes, there is a lot of wise advice about matters from product development to people management. He is endearingly honest about the vicissitudes of his “Starbucks crush” as the coffee chain stocks his bars, removes them and then sells them again. As he finished writing the book, Lubetzky attended a swanky dinner where he recognised the waiter as the smiley building superintendent who had helped him lug boxes of soap into his apartment building 20 years earlier. Admitting he had not given the man a thought in years, Lubetzky thanks him in the acknowledgments for his friendliness at a tough time. This note offers a better lesson in how to behave than any of the self-referential piety that precedes it. As ever, the showing beats the telling. The writer is the Business Life Communities Editor

The riff

Sleep-dodging CEOs — yawn ADAM JONES

Bloomberg

It is one of life’s crushing ironies that flat beds on planes often go to those who profess to need them least: CEOs. Rakesh Kapoor of consumer goods group Reckitt Benckiser is the latest boss to crow about how little sleep they get. Forget the idea that a person needs eight hours to function properly. Mr Kapoor told the FT’s Scheherazade Daneshsku that five or six were plenty. “Listen, we all believe that we should sleep longer. If you did a poll of people, it’s like, do you wish you could sleep longer, they will all tell you yes,” he said, in a bit of this week’s Monday Interview that ended up on the cutting room floor. “Forget what the scientists say, I don’t think we need more than five, six hours of sleep. So that’s what I sleep. I think it’s enough to rejuvenate me, it’s enough to re-energise me.” But Mr Kapoor’s habitual 5.30am-ish start (“Why?” moaned one FT reader in a weary comment) is slovenly compared with Tim Cook,

who on Monday tweeted that he’d “slept in ’til 4:30” to prepare for the launch of the Apple Watch — a full 45 minutes later than usual. You get the drift: chief executives’ alarms will continue to ring earlier and earlier until they start rising before they have gone to bed — and the fabric of space and time snaps with an audible ping. The recent departure of Harriet Green from Thomas Cook may have been a prefiguration of this end-ofdays scenario. She left soon after a Times profile described how her personal trainer was sick of having to rise at 4am. One CEO at least seems to stand aloof from the general nonsense: Microsoft’s Satya Nadella, pictured, gets eight hours a night thank you very much, waking at 7am when rivals are towelling down after two hours of email and yoga. In Mr Kapoor’s partial defence, at least he claimed to be lazy at going to the gym, fitting it in “only” a couple of times a week.

★

Thursday 12 March 2015

17

FINANCIAL TIMES

ARTS

Footloose and solo, Noel is on a roll POP

Noel Gallagher’s High Flying Birds O2 Arena, London

aaaae

Ludovic Hunter-Tilney It was like old times for Noel Gallagher. A number one record in the charts, a packed arena, a forest of raised arms, thousands of voices bellowing along. There was even a fight near the front, the icing on the Madeleine. “Great: fighting!” said the ex-Oasis man, amused to see fisticuffs “down here” i n L o n d o n . “ W h a t a re t h e y fighting about anyway, who’s got the pinkest cardigan?” Once there would have been fighting on stage too. But following Oasis’s 2009 split Gallagher no longer has to share the limelight with permanently angry younger brother Liam. The opening number at the O2 Arena, “Do the Damage”, seemed directed at his sibling adversary. “You could have had it all,” Gallagher sang, an irritating piano chord jabbing in the background like Liam’s finger in an argument — one from which the elder Gallagher has emerged the winner. While Liam’s post-Oasis band Beady Eye lie in ruins, Noel’s solo career is burgeoning. His first album with his High Flying Birds backing band was uninspired but sold well. Now comes a much better follow-up, Chasing Yesterday, the fastest-selling album in the UK so far this year. Its songs formed the core of his crisp, confident set, backed by the four-strong High Flying Birds, a brass trio and the Crouch End Choir. The driving rocker “In the Heat of the Moment” stood up well against the Oasis track that preceded it, “Fade Away”, another jab at Liam (“The dreams we have as children fade aw-aaaay”). “Riverman” was a

IN THIS WEEKEND’S LIFE & ARTS Gregory Doran The artistic director of the Royal Shakespeare Company tells Peter Aspden why he is celebrating the Bard’s birthday by bringing Arthur Miller’s ‘Death of a Salesman’ to Stratford-upon-Avon

subtler take than usual on the psychedelia that has always inspired him, complete with swirling horns and shimmering guitar solo. Gallagher was in good form, singing heartily and executing a little spin and kick during “The Mexican”, an acrobatic display by his standards. Oasis songs punctuated the solo material, including a majestic “Champagne Supernova”, a very dated “Digsy’s Dinner” and a nostalgic “Don’t Look Back in Anger”. He ended with “The Masterplan”, the choir harmonising behind him, the anthem’s lyrics chanted by the 20,000 people in front of him: “It’s up to us to make/The best of all the things that come our way.” Oasis’s former leader has managed to follow his own advice. noelgallagher.com

DA N C E

Modern Masters

Richard Diebenkorn

Sadler’s Wells, London

aaaee

Clement Crisp English National Ballet is at Sadler’s Wells for a week with stagings from three of today’s senior choreographers. The purpose of this event is arcane. None of these dancemakers has much to do with the troupe’s artistic identity. None of the ballets is new, and the wearing of other people’s clothes does not amount to creative policy. Jiří Kylián’s Petite Mort is especially unsavoury as the dancers, variously armed with fencing foils and crinolines on wheels, posture while the adagios from two Mozart piano concertos are slammed together and subjected to the sort of performance you can regretfully imagine. There is a fatuous subtext about post-coital feelings, and ENB’s

Fisticuffs and psychedelia: Noel Gallagher DFL/Splash News

dancers look distinctly uneasy in long skirts, underwear and rapiers. John Neumeier’s Spring and Fall is set to Dvořák’s Serenade and when it eventually ends you know your feet are wet with dew. Bare-chested youths in white pyjama bottoms and white-garbed maidens romp. Life’s vagaries inspire a good deal of running, angst, and clouds on back-projections. You wish the kids well — and that you were elsewhere. Happily, the programme closes with William Forsythe’s In the Middle, Somewhat Elevated. Here are rigour, purpose, choreography as hope for the future, dance as stimulus rather than sleeping pill. ENB’s artists respond well: they do not find all the sharp edges of Forsythe’s deconstruction of classic style — and his

THIS EVENING’S TELEVISION

Pick of the day While debates rage over debates, BBC3 nips in with four Q&A sessions, starting with Free Speech: I’m Ed Miliband, Ask Me Anything (8pm). A “live audience” (preferable to corpses) with the Labour leader (pictured) is aged 16-34: one hopes the bane of BBC3’s treatment of serious topics — inanely trivialising presentation — will be absent. For grown-ups The Good Wife (More4 9pm) continues its sleek, swift, snappy saga

set in the American politicolegal jungle, with its bluffs, double-bluffs, conspiracies and twisting evasions. Tonight’s bonus: David Hyde Pierce (Niles from Frasier) as a media political pundit with his own slithery agenda. Only Lovers Left Alive (Sky Premiere 10.15pm) sounds like romcom, which it is, but with vampires, Jim Jarmusch’s direction, Tilda Swinton, Tom Hiddleston and John Hurt . . . MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News. 6.30 BBC Regional News Programmes. 7.00 The One Show. 7.30 MasterChef. Guest judge Jay Rayner sets the brief for the four quarterfinalists to create a main dish and a pudding. 8.00 EastEnders. 9.00 Comic Relief: Operation Health. Lenny Henry leads a team of celebrities, including Dermot O’Leary, John Bishop, Richard Hammond and Doon Mackichan, on a mission to rebuild a decrepit rural health centre in Uganda. 10.00 BBC News. 10.25 BBC Regional News and Weather. 10.45 Question Time. Topical debate from Leeds, chaired by David Dimbleby. 11.45 This Week. Andrew Neil and guests discuss political and parliamentary developments.

6.00 Two Tribes. Richard Osman presents. the quick-fire quiz. 6.30 Eggheads. Quiz. 7.00 Nature’s Weirdest Events. Last in the series. R 8.00 The Great British Sewing Bee. The finalists take on their last set of challenges. Claudia Winkleman hosts. Last in the series. 9.00 Banished. James decides he has to take drastic action to deal with Marston once and for all, while Major Ross is outraged to hear that Tommy and Elizabeth are married. 10.00 Charlie Brooker’s Weekly Wipe Extra. Charlie Brooker picks his favourite bits from the latest run of the show in which he takes a satirical look at politics, the media and the internet. Last in the series. 10.30 Newsnight. 11.15 Weather. 11.20 Surviving Sandy Hook. R

6.00 ITV News London. 6.15 ITV News and Weather. 6.45 Emmerdale. 7.45 Live Uefa Europa League Football. Everton v Dynamo Kiev (kick-off 8.05pm). All the action from the last-16 first-leg encounter at Goodison Park. 10.10 ITV News and Weather. 10.40 ITV News London. 10.55 The Great War: The People’s Story. A young woman seizes the chance to work in arms factories; a country vicar writes about men leaving for war; and a servant falls for a soldier. R 11.55 River Monsters. Extreme angler Jeremy Wade investigates stories of primordial bloodsuckers in the Pacific Northwest, as he attempts to catch the most ancient river monster of his career. R

6.00 The Simpsons. R 6.30 Hollyoaks. 7.00 Channel 4 News. Including sport and weather. 8.00 The Supervet. A couple face a dilemma over their severely injured cavachon Stampy, who has been hit by a car, and a man arrives with his limping golden retriever Dylan after a seven-hour drive. 9.00 Cucumber. Everyone gets caught up in Henry’s grand scheme, and life appears to be perfect, but he still has to face the greatest challenge of all. Vincent Franklin stars. Last in the series. 10.00 Gogglebox. R 11.05 Troy. New series. The magician treats visitors to an unforgettable experience at the Natural History Museum, and embarks on a ghost tour for one of his spookiest tricks yet.

Regional variations apply

Other channels BBC3 7.00 Top Gear. 8.00 Free Speech: I’m Ed Miliband, Ask Me Anything. 9.00 Fighting the System. 10.00 EastEnders. 11.00, 11.25 Family Guy. 11.45 American Dad! BBC4 7.00 World News Today. 7.30 Top of the Pops: 1980. 8.00 Could We Survive a Mega-Tsunami? 9.00 India’s Frontier Railways. 10.00 The Modern Age of Coach Travel. 11.00 The Mystery of Murder: A Horizon Guide. Channel 5 6.00 Home and Away. 6.30

5 News Tonight. 7.00 The Classic Car Show. 8.00 Jimmy Savile: Britain’s Worst Crimes. 9.00 Holiday Love Rats Exposed. 10.00 The Mentalist. 10.55 21 and 3ft Tall: Extraordinary People. 11.50 Access.

11.10 The Adjustment Bureau.

More4 7.00 Ramsay’s Kitchen Nightmares USA. 7.55 Grand Designs. 9.00 The Good Wife. 10.00 The Hoarder Next Door. 11.05 Secrets of the Living Dolls.

Sky Sports 1 6.00 Ringside. 7.00 Live Premier League Darts. 10.30 A League of Their Own: Unseen. 11.30 Ringside.

Film4 6.55 Playing for Keeps. 9.00 X-Men Origins: Wolverine.

Sky Atlantic 6.00 House. 7.00 Blue Bloods. 8.00 Without a Trace. 9.00 Fortitude. 10.00 The Comeback. 10.40 Looking. 11.15 Mad Men.

Sky 1 6.00 Futurama. 6.30, 7.00, 7.30 The Simpsons. 8.00 Arrow. 9.00 Forever. 10.00 Flintoff: Lord of

the Fries. 11.00 NCIS: Los Angeles. Sky Arts 1 6.00 Discovering: Audrey Hepburn. 7.00, 7.30 The Great Culture Quiz. 8.00 My Shakespeare. 9.00 Monty Python: Almost the Truth. 10.15 Psychobitches. 10.45 Royalty Close Up. 11.15 Forever Crazy. Sky Arts 2 6.45 Vincent — The Untold Story of Our Uncle. 8.00 Great Entertainers: The Show Stoppers. 9.00 Grand Hotel. 10.30 Plácido Domingo Live at Loreley.

brilliant re-assembly of it — but the piece is vividly alive, a breath of exhilarating air and, in this eager cast, Barry Drummond shows its sophisticated matter well. As a postscript, let me mention the dancing by the Royal Ballet’s Vadim Muntagirov in the Nutcracker pas de deux at a Coliseum gala on Sunday. Here were those rarest virtues of classical dancing: clarity of means, purity of utterance, radiant ease in execution — ballet’s equivalent of bel canto. Partnering the elegant Daria Klimentová, Muntagirov displayed a sweetness of style, an unaffected nobility and an unassuming but potent virtuosity. Memorably fine. To March 15, sadlerswells.com

‘A pitch-perfect exhibition of a pitch-perfect artist’: Jackie Wullschlager on a revelatory Royal Academy

show in which three pristine, clear spaces celebrate the three epochs in the life and work of the shape-shifting American painter

The life of a song This week David Cheal traces the journey of ‘Guantanamera’, from a 19th-century Cuban national hero to a 21st-century recycling campaign, via Celia Cruz (left) and the peace movement of the 1960s

FT.COM/ARTS

★★★

18

FINANCIAL TIMES

Thursday 12 March 2015

Flooding the zone The European Central Bank is expected to spend €720bn in 2015 buying assets for its quantitative easing programme. With only €306bn in net new eurozone debt expected to be issued in 2015, the resulting decline in debt available for other investors is likely to push them into equities Twitter: @FTLex Email: [email protected]

Share index prices

2015 ECB QE breakdown

One year (rebased)

“That one’s a bunny.” “No, silly, it’s a bus.” Fighting over what clouds look like is a child’s pastime. Tech companies play a similar game with cloud computing. The migration from traditional, on-premise hardware and services to the cloud (software delivered over the internet) is a big deal for IBM, Oracle, SAP and Microsoft. Their shares and valuations swing with their cloud growth. Despite the importance of the cloud, disclosures about it are, well, cloudy. SAP’s cloud software and support revenues were €1bn last year. But the figure including cloud service — that is, consulting — was €1.3bn (and of course the distinction between support and consulting is crystalline). At Oracle, cloud software sales were $1.3bn in the past 12 months. Cloud infrastructure — memory and computing power as opposed to applications — get a separate line ($500m). Fair enough. The opacity rises from there. IBM highlighted $7bn in cloud revenue in its recent earnings release — but this includes items such as server hardware bought as part of a private cloud data centre, or services for building private cloud systems. Stripping those out and looking just at software, sales were $3bn last year. Meanwhile, Microsoft reports cloud revenues under the “commercial other” category — a hodge-podge. It gives an “annual run rate” for cloud sales specifically ($5.5bn). The run-rate number includes commercial Office 365 subscriptions, Azure and Dynamics CRM. Yet it understates the impact of the cloud on revenues, because Microsoft sells server software that other cloud software vendors use. At Amazon, Web Services sales have been lumped under “other”, but happily revenues will be broken out next quarter. Those hoping for margins or product breakdowns for this huge business will have to wait. Google only mentions the word “cloud” once in its annual filing. Google and Amazon can afford to be vague. Cloud software is not their core business. For the others, the future is at stake. A clear picture of cloud sales, and ideally profitability, is especially important because some parts of the

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Deutsche Post: while you were out Nobody likes it when companies fail to deliver the goods. When the company in question is itself a delivery company, the failure seems worse. Shares in Deutsche Post fell as much as 5 per cent yesterday as its full-year results fell short of forecasts and the company offered little by way of comfort for next year. On top of that, it did not bring a shiny parcel marked “special dividends and buybacks”, as some people had

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in a world where growth is scarce, small differences are worth a lot. Upgrades are worth even more.

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Here is a naive proposition: changes in companies’ share prices should reflect changes in their true value — not at every moment but, over time, price and value should converge. In this context European shares are intriguing. The MSCI Europe index is up 14 per cent this year. This looks a little disconnected. Europe is, after all, the place trying to cope with Greece. And Ukraine. Four explanations for the rally predominate: quantitative easing (as it relates to asset allocation); QE (as it relates to currencies); a nascent economic recovery; and valuations. The bond buying under the current QE plan, UBS points out, is greater than the net issuance of all credit products in the EU — sovereign,

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Countries are not companies (unless they are Apple, considerably bigger on some measures than many sovereign states). But stripped to the basics, they have some similar characteristics. So if China and India were companies, what sort might they be? China Corp, once a racy growth stock, attracted dollars eager to take part in its anticipated rise. Broadly, this panned out as expected — and, arguably, better. Up until this decade, China Corp tended to deliver positive profit warnings as GDP and fixed asset investment accelerated. This phase is past. In recent years, GDP growth targets have been falling; profit warnings have turned negative. The latest forecast for this year is “about” 7 per cent, down from last year’s target of 7.5 per cent. And even that lower target may be missed. Yesterday, economic figures including retail sales, industrial production and fixed asset investment all came in uncomfortably below forecasts. By contrast, India Inc is making a comeback after a disappointing decade. The country’s 1.3bn people, favourable demographics and underdeveloped economy make it the land of opportunity. We may have heard this before but a new chief executive (Narendra Modi, prime minister) has inspired new hope. GDP growth has been revised up, and has room to surprise if more restructuring occurs. Not everything is rosy — infrastructure is a challenge and reform is slow — but India Inc’s room to make small changes which have a large impact contrasts favourably with China Corp. The latter’s management seems flummoxed by the challenges to its model. Maybe this is in the price. MSCI’s India index trades on 16 times next year’s earnings; China on nine times. India is forecast to grow by 17 per cent, with China at 13. Not such a vast difference in growth, perhaps, to warrant such valuation disparity. But

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MSCI Eurozone FTSE All-Share S&P 500 Topix MSCI EM - Local currency

cloud (such as infrastructure) are low-margin, commoditised businesses while others (such as software) offer high margins and greater sticking power. Less cloudiness and more hard lines, please.

Tech companies: obscured by clouds

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ACROSS 1 Parties before returning favourite skirt (8) 5 Wishes to dispose of one house that’s much admired (3,3) 10 Meal set up without no end of hoo-ha (5) 11 Java programme pictures something to eat (5,4) 12 Limo work with student in snub for religion? (5,4) 13 Occasions for millions breaking links (5) 14 Aluminium found in blood, in abundance (6) 15 Dispatch, incorporating list for salary (7) 18 Party girl dunking digestive vacantly in coffee (7) 20 Where the road is always up? (6) 22 Blow last of pimento making relish (5) 24 A speech about Germany and love (9) 25 The lack of feeling of alcoholics accepting leasing arrangement (9) 26 Don’t start drawing this sailing vessel (5) 27 Scoff in effort to get peace agreement (6) 28 Change, despite including phosphorus molecules (8) DOWN 1 Join up at last, cutting share (6) 2 London or Cardiff must hold record of this vital medical authorisation (5,4)

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10 13 22 12 29 14 -5 4 34 8 7 14 14 6 3 29 15 20 7 13 26 13 3 13 8 8 13 11

3 Philosophy classes held here? (6,2,7) 4 A part that’s rubbed out by age, of course (7) 6 Current employer confined to bed (8,7) 7 Paper encompassing student’s sphere of knowledge (5) 8 Reserve hotel centrally located in coast (3,5) 9 Sudden rushes of spring tides missing one day (6) 16 Too thin after a diet came out? (9) 17 Obvious harangue in support of female prisoner (8) 19 Electronic circuits with energy run out (6) 20 Charge for accommodating men in theatre (7) 21 Makes slow progress at home, with game unfinished (6) 23 Tired nation has left for the second time (5) Solution 14,876 0 $ 1 7 5 $ % 5 / 2 5 * $ 1 ' $ & ( $ ' 9 ( 5 % ( $ 8 % 2 5 ' / * 5 , ' ( 5 + 1 2 $ * 2 2 ' ' 0 8 ' 2 7 $ 5 ' 1 1 * 8 * / , 1 ( CROSSWORD No. 14,845 Set by NEO























































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ACROSS 1 Important Viking one among best friends (5,4) 6 Socialite with appeal makes leftside entry (5) 9 Brazilian city as far as we’re concerned ungovernable (7) 10 Obscure English knight against European rebuffed (7) 11 Poor nation’s little island in hot current (5) 12 Caught flamboyant cardinal in Seventh Heaven? (5,4) 14 Notice flock encircles houses (3) 15 Alarmist financier reversed into second vehicle bearing right (11) 17 German poet’s the writer embracing pub vocalist (11) 19 Moggy fur with hole concealed? (3) 20 Earl, King and Queen on Hampshire river’s banks (9) 22 Ambassador in temple finds grain (5) 24 Ardent Green must change leader (7) 26 As one’s despicably mean, small tips for servants materialise (2,5) 27 Sauce unfortunately knocked over contains sulphur (5) 28 Related martial artist stops at Bedouin residence (9)

DOWN 1 Hard maths topic written up to find circumference (5) 2 Love comes in no time, wildly, for passion (7) 3 Disagreed also with a thousand children (4,5) 4 Bond gets to a casino and is beaten (11) 5 Beast summarising Tokyo-LondonTokyo trip? (3) 6 Painter died hungry (5) 7 Discount supermarket name in GB’s upturn with loss on top (7) 8 As 007 mission to Spectre might be? (3-6) 13 Dope sheathes weapon in open coat (11) 14 Soul an unknown factor in some men? Fearless pilots? (9) 16 Girl having paddle round saw manor demolished (9) 18 Mistress Gwynne about to be announced in sport (7) 19 Side issue for Clintons (7) 21 Having ducks in horses area causes commotion (3-2) 23 Crime article Financial Times provides (5) 25 Sick at first, old man here for healthy holiday (3)

Solution to Saturday’s prize puzzle on Saturday February 14 Solution to yesterday’s prize puzzle on Monday February 16 Winners’ names will be printed in Weekend FT

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corporate, high-yield, low-yield. This must push investors toward another asset, and equities is the only one big enough. Investors could go abroad but, so far, fund flows indicate they are staying. A lower euro, driven by a wilful central bank, helps exporters. And indeed, shares in some exporters (carmakers in particular) have shone. At the same time, composite indices of economic indicators are on the rise and, more important, the data are beating expectations more often. Consumer confidence in the eurozone is at a post-crisis high. It is not all good, but much of it is marginally better. Finally, valuations. HSBC points out that while price to earnings ratios on the MSCI are very high by the

standards of the past decade, earnings are depressed; relative to long-term average earnings multiples look a little more attractive (this is almost the reverse of US stocks). Does all this make European companies more valuable, or just a good trade? A stronger economy makes companies stronger. Buying at reasonable valuations boosts returns over time. The other two arguments are harder. Currencies have real and enduring economic impacts. They cannot be predicted, though. If QE goes on long enough (and why shouldn’t it?), it could boost demand for equities beyond most investment horizons. Whether that constitutes a shift in value is a puzzle for the naive and the sophisticated alike.

hoped after years of strong free-cash flow. Deutsche Post’s two main profit drivers — the German mail and European parcels business (PeP) and express deliveries (under the DHL brand) — looked decent enough. Express grew its operating margins by 90 basis points to 10 per cent. Together, these businesses represent 86 per cent of operating earnings. But DHL freight forwarding, the business of moving the world’s trade from point to point, continues to struggle. Deutsche Post recognised three years ago that a business relying on phone calls and carbon copies required more investment to keep up with rivals such as Kuehne + Nagel of Switzerland. Freight forwarding was once a fifth of group operating earnings. It now accounts for half

of that. Management needs to push harder to get the recovery programme there on track. Deutsche Post dwarfs its European rivals with a €35bn market value. Yet it does not come close to leading in profitability. Its operating margin, at 5 per cent, trails rivals which offer near double that. Its PeP and Express divisions each have margins well above, also. That said, Deutsche Post has an international model that smaller, more profitable rivals, such as CTT in Portugal, do not duplicate. At some point, that scale may pay off. Before yesterday’s dip, Deutsche Post’s shares had surged 36 per cent since mid-October, to a hefty 19 times forward earnings. At that sort of valuation, the company will really have to deliver.

Whiting Petroleum: drill bid In the wild, some animals puff themselves up as a defence mechanism. Companies sometimes employ a similar strategy through acquisitions, hoping the enlarged entity will be stronger. Whiting Petroleum, the US shale oil explorer, is rumoured to be looking for buyers. That suggests last year’s attempts at swelling did not work. It tried to remedy its lack of cash flow for growth by merging with rival Kodiak Oil and Gas last summer. Given that Kodiak had similar financial constraints, that was never likely to work; even a steady oil price might have forced a refinancing eventually. Whiting’s net debt is a hefty 3.5 times its estimated earnings before interest, tax, depreciation and amortisation. That will rise if oil prices keep falling. Some may see a possible call for bids by Whiting as a sign that the sector is under real financial pressure. But oil companies are still finding ways to obtain the money to keep going. US exploration companies have issued $9bn in equity since the start of the year, mostly to refinance debt, and $6bn in high-yield bonds. Although there have been some bankruptcies in the US, such as Dune Energy, most have soldiered on. Perhaps the true pain threshold has not been reached. Shale reservoirs vary in quality. In the US, oil companies in some regions can operate quite happily at lower oil prices. According to Credit Suisse, the lowest production cost regions are in areas such as Marcellus (West Virginia/ Pennsylvania) and Eagle Ford (Texas). In these areas, explorers can make profits with oil at about $55 per barrel; in other shale regions it is higher. For the Bakken/Three Forks regions of North Dakota, where Whiting has 80 per cent of its production, that break-even price is above $70. No wonder it might want help. Whiting could find other sources of capital, without giving up control — after all, the market is still offering capital to US shale explorers. No blow-ups seen just yet. Lex on the web For notes on today’s breaking stories go to www.ft.com/lex

★★★

Thursday 12 March 2015

Nuclear interference French politics hinders Areva TONY BARBER, PAGE 20

19

Brother

BNP Paribas

Google

Euro/dollar

Gold

Xetra Dax

Rand/dollar

Brent

1.26% ¥2,005

1.90% €52.01

0.74% $559.69

1.4% $1.0544

$7 $1,154

2.7% 11,806

0.7% R12.28

2% $57.54

European banks fail US stress tests 3 Deutsche and Santander capital plans criticised 3 Wall St given green light for payouts TOM BRAITHWAITE AND BEN MCLANNAHAN — NEW YORK BARNEY JOPSON — WASHINGTON

The Federal Reserve has vetoed the US capital plans of Deutsche Bank and Santander in a stinging rebuke for the European banks even as US lenders were given the green light to launch their biggest payouts to shareholders since the financial crisis. The US operations of Deutsche, Germany’s largest bank, and Santander, the biggest bank in Spain, were found to have serious deficiencies in capital planning and risk management, according to a senior Fed official. The official said that any bank with chronic problems in those areas could

eventually face a cease-and-desist order, compelling them to make specific changes or pay financial penalties. Santander has now failed the test, known as the Comprehensive Capital Analysis and Review (CCAR), two years in succession; Deutsche Bank was tested for the first time this year. Failing the test prevents the US entities of the foreign banks from distributing capital to their parent companies and highlights the tougher attitude from the Fed towards overseas banks, which it worries it might have to support in a crisis. For the first year since the tests started in 2009, the Fed approved every US bank’s capital plan, paving the way

for higher dividends and bigger share buybacks. As has become traditional, banks raced to announce billions of dollars of payouts for shareholders after the test results came out. The CCAR result was a huge relief to Citigroup where the management, including chief executive Mike Corbat, was under threat if the bank had failed the test for a second year in a row. Citi was able to lift its dividend for the first time since 2008, to 5 cents a share from 1 cent, and launch a $7.8bn buyback. US banks were not unscathed, however. Bank of America received a “conditional” approval of its capital distribution plans, requiring it to make improvements to its risk-handling pro-

Failure prevents the US entities of the foreign banks from distributing capital to their parent companies

cedures by the third quarter or run into trouble with the Fed. Goldman Sachs, JPMorgan Chase and Morgan Stanley all had to adjust their plans to win approval after the Fed found their original plans for capital return would have left them with too thin a shock absorber. The Fed introduced stress tests in 2009 in what proved to be a turning point in the financial crisis, restoring investors’ confidence in the resilience of US banks. They were since adopted as an annual — and more complex and gruelling — test of whether the biggest banks would be able to withstand a severe economic or market shock. Tests point to dividends page 22

$45

Rotten Apples China counterfeiters rush out Watch clones

K Asking price on a Chinese website yesterday for an Apple Watch clone, shown left

Fake Apple Watches — or timepieces that appear similar to the new devices and are suspiciously affordable — have gone on sale across China as consumers jump the gun before the genuine items are available next month, writes Charles Clover in Beijing. On ecommerce websites such as Alibaba’s Taobao, the watches appear nearly identical to Apple’s product, down to the digital crown controller on the side of the device and four sensors on the underside. Most do not have a brand marking and cost Rmb250-Rmb500 ($40-$80) — as little as a 10th of the price of the cheapest Apple Watch shown this week by Tim Cook, chief executive. Revealed on Tuesday and scheduled to go on sale on April 24, Apple’s goldcased luxury model costs up to $17,000 and appears to be aimed at wealthy Chinese. The early proliferation of fakes will not help Apple’s hopes of replicating the success of its iPhones in China, the second-largest market for the smartphones behind the US. The China knock-offs demonstrate the speed, boldness and uncanny accuracy with which China’s counterfeiters can mimic even pioneering products.

$349 M Price of the cheapest authentic Apple Watch, the 38mm Sport, below, which is not yet on sale

Short View James Mackintosh There are two things everyone knows about currencies: the dollar is strengthening because the Federal Reserve is about to raise rates, and the euro is weakening because the European Central Bank is printing money to buy bonds. Both are established facts. Yet, while they neatly explain why the euro has plunged against the dollar in the past few months, they tell us nothing about what will happen next. If the Fed raises rates faster than expected, or investors come to believe that the ECB will buy more than promised, the euro should fall further. But the story of a tighter Fed and looser ECB should by now be fully in the price. The scale of the euro’s drop since the ECB last week set out the details of its bond-buying is distinctly odd. It has fallen 6 per cent in six days, a pace of decline only seen before in October 2007, just after Lehman failed. Yet, little changed. Rather, the ECB saying it will not buy bonds yielding less than minus 0.2 per cent might have set a target for traders (the German 10-year yield needs only to repeat its fall since Christmas to reach that scarily low level). Equally, the euro’s plunge has now brought it within striking distance of parity with the dollar, again setting a handy target for those betting on momentum. Low yields in Europe have turned the euro into the favoured funding currency for borrowers, weakening the currency. Hot money has fled in anticipation. Traders note that the euro is now severely stretched on technical measures: it has fallen so far, so fast that it could easily rebound sharply. The weak euro trade is crowded, too, although it can always become more popular. What the focus on the central banks misses, though, are the fundamentals. Trade is dwarfed by hot money flows, but the eurozone’s trade balance is at a record high, offering a small prop to the currency. The eurozone economy is also humming, something reflected in shares but not bonds or the currency. As Yves Bonzon, at Pictet, points out, consumer confidence is at levels last seen in 2007 (see chart), as is the growth in retail sales. Some even think that the region is growing faster than the US. So long as investors focus on the central banks, none of this matters. But at some point central banks will remind everyone of the fundamentals. That may hurt.

Eurozone confidence Consumer confidence 0

Euro Stoxx, 1 year % 40 20

-10

0

-20

-20

-30

-40

-40

-60

1999

2005

10

Source: Thomson Reuters Datastream

[email protected]

Alibaba’s $200m investment in Snapchat values social app at $15bn TIM BRADSHAW AND LESLIE HOOK — SAN FRANCISCO

Alibaba has invested $200m in Snapchat, valuing the fast-growing social app at $15bn, according to two people familiar with the deal.

Top US Spanish-language network targets $1bn IPO The biggest US Spanish-language broadcaster, Univision, has hired bankers to raise more than $1bn in an IPO that might value the group at $20bn including debt, as it cements its place as one of the biggest primetime broadcasters for 18- to 34-year-olds. Plotting a return iPAGE 20

Investment talks between Alibaba and the Los Angeles company had faltered last summer as the Chinese ecommerce group prepared for its initial public offering in September. The new investment suggests a 50 per cent increase in Snapchat’s valuation since it closed a round that priced it at $10bn at the end of last year. The rise reflects rocketing valuations for private technology groups and is a further vindication of chief executive

Evan Spiegel’s decision to turn down a $3bn takeover offer from Facebook in 2013. Snapchat and Alibaba declined to comment. Snapchat remains in the early stages of revenue generation for its mobile app, which is said to have 100m users. It is expanding beyond the disappearing photos for which it is best known, by working with media companies such as ESPN, Vice, Sky and the Daily Mail to create content for its news platform, called Discover. Key to Snapchat’s appeal are the “Stories” that can be posted for repeat viewing for 24 hours after they are posted. Some advertisers, such as Universal Pictures and Coca-Cola, have paid for

promotions in the “Stories” section. The Snapchat deal comes on top of Alibaba’s investments in US tech start-ups, which include leading a $250m investment round in Lyft, the car ride-sharing group, and a $215m investment in Tango, a chat app, as well as app search engine Quixey and mobile games developer Kabam. Alibaba invested $590m in Meizu, a Chinese smartphone maker, this month, and $600m in Kuaidi Dache, a Chinese taxi app. Alibaba, with annual revenues of $11bn, has said that its commercial focus will remain in China in the near term; but these investments could give it a toehold in US ecommerce in the future.

Companies / Sectors / People Companies

Abraaj Capital.............................................11 Actavis..........................................................20 Airbus.............................................................21 Alibaba.....................................................19,25 Allergan........................................................20 American Airlines...................................33 American Express...................................22 Anglo American Platinum.................32 Apple.........................................................18,19 Arab Dairy....................................................11 Areva..............................................................20 Auxilium.......................................................20 Aviva.................................................................3 BMW............................................................4,21 BNP Paribas...............................................23 Ball...................................................................24 Bank of America......................................19 Berkshire Hathaway..............................16 Bisco-Misr ...................................................11 Boohoo.com................................................24 British American Tobacco....................2 Brother....................................................24,25 Bwin.party...................................................24 CBS..................................................................20 CME Group...........................................32,34 CTT..................................................................18 Cairn Energy.................................23,24,33 China Rongsheng Heavy Ind..........22 Citigroup...........................................19,22,32 Clear Channel...........................................20

Coca-Cola ....................................................21 Daimler...........................................................21 Danaher..................................................24,25 Delta Air Lines....................................16,33 Deutsche Bank...................................19,20 Deutsche Post...........................................18 Discovery Communications..............20 Domino Printing Sciences....24,25,33 Domino’s Pizza.........................................33 Dover.......................................................24,25 EDF.................................................................20 Ebm-papst...................................................21 Emirates........................................................16 Endo...............................................................20 Ericsson........................................................20 Etihad.............................................................16 Eurocement.................................................21 Facebook........................................................6 Fidelity.............................................................3 FirstGroup...................................................25 Ford...................................................................4 Foxtons.........................................................24 GDF Suez......................................................21 GVC Holdings...........................................24 GlaxoSmithKline......................................24 Glencore.......................................................24 Goldman Sachs.......................10,19,20,22 Google..............................................................6 HNA Group.................................................22 HSBC...............................................................16 Hargreaves Lansdown...........................3

© The Financial Times Limited 2015

Holcim............................................................21 IBM...................................................................18 Imperial Tobacco.......................................2 Intercontinental Exchange.........32,34 Intertek..........................................................25 Itochu.............................................................25 JPMorgan...............................................19,32 Jaguar Land Rover..................................4 Japan Post..................................................25 Japan Tobacco International..............2 Kleiner Perkins Caufield & Byers..15 Kuehne + Nagel.......................................18 LCH.Clearnet..............................................32 LVMH..............................................................21 Lafarge...........................................................21 Lehman Brothers....................................22 Lending Club.............................................25 Lonmin...........................................................32 Lyft...................................................................19 L’Oréal.............................................................21 Meizu..............................................................19 Microsoft.......................................................18 Mizuho...........................................................25 Morgan Stanley............................19,20,22 N Brown........................................................33 NXP.................................................................20 Nasdaq..........................................................34 Nokia.........................................................13,23 Nomura Securities..................................32 Nordea............................................................13 Novartis........................................................24

Oracle.............................................................18 Ormonde Mining.....................................33 PSA Peugeot Citroën...........................20 Permanent TSB........................................25 Philip Morris International...................2 Qatar Airways............................................16 RBS..................................................................25 Randgold Resources.............................33 Rexam............................................................24 Ripplewood Holdings............................11 Royal Bank of Scotland......................25 Russneft.......................................................24 SAP..................................................................18 STMicroelectronics.................................21 Salix................................................................20 SanDisk.........................................................33 Sandell Asset Management.............25 Santander.....................................................19 Schneider Electric...................................21 Scripps Networks...................................20 Serco...............................................................33 Severn Trent................................................4 Shire ..............................................................20 Snapchat.......................................................19 Southern Water..........................................4 Southwest Airlines.................................33 Spectris.........................................................24 State Grid Corporation........................21 Takeda Pharmaceuticals....................24 Taobao...........................................................19 Tesco...............................................................16

Thames Water.............................................4 Time Warner.......................................20,20 Toll Holdings.............................................25 Twitter..............................................................6 US Bancorp................................................22 United Continental.................................33 Univision......................................................20 Valeant..........................................................20 Viacom..........................................................20 Vodafone......................................................23 Volkswagen.............................................4,21 Wah Kwong Maritime Transport...22 Walt Disney................................................20 Weibo.............................................................33 Wells Fargo.................................................22 Whiting Petroleum.................................18 William Hill.................................................24 Xaar..........................................................24,33 Yangzijiang Shipbuilding....................22

Sectors

Banks.................................................22,23,25 Gen Financial.......................................21,25 Gen Industrials...................................20,21 Ind Transport............................................22 Oil & Gas................................................18,23 Personal Goods........................................19 Pharmaceuticals......................................24 Software........................................................18 Technology HW & Equ..................18,19

People

Abelman, Jerome.......................................2 Abramovich, Roman.................................1 Arnott, Deborah.........................................2 Barge, James................................................2 Budden, Nic................................................24 Byrom, Peter..............................................25 Cohn, Gary..................................................10 Cook, Tim.....................................................19 Enders, Tom................................................21 Evan Spiegel..............................................19 Fridman, Mikhail......................................24 Galchev, Filaret.........................................21 Gill, Phupinder..........................................34 Greifeld, Bob..............................................34 Gutseriev, Mikhail...................................24 Hall, Drummond......................................25 Hardy, David..............................................32 Hauser, Wolfhart.....................................25 Huxley, Tim................................................22 Masding, Jeremy.....................................25 McFarlane, John......................................25 Mestrallet, Gérard....................................21 Mulliez, Christian.....................................21 Pearson, Mike...........................................20 Pébereau, Michel.....................................23 Sabia, Michael...........................................34 Schmidheiny, Thomas...........................21 Stendevad, Carsten...............................34 Thomson, Simon.....................................23 Tricoire, Jean-Pascal..............................21 Varin, Philippe..........................................20

Week 11

15

The eurozone economy is humming. Consumer confidence is at levels last seen in 2007

★★★

20

FINANCIAL TIMES

Thursday 12 March 2015

COMPANIES INSIDE BUSINESS

Pharmaceuticals

Endo raises the stakes in race for Salix Irish pharma rival tops Valeant bid with $15.7bn cash-and-share offer DAVID CROW AND JAMES FONTANELLA-KHAN — NEW YORK

Endo is trying to gatecrash one of the biggest pharmaceutical takeovers of the year by offering $15.7bn to acquire Salix — topping a lower offer from Valeant, and accelerating the frenetic pace of dealmaking in the drugs industry. Just two weeks after Valeant agreed to pay $158 per share in cash for Salix, the US gastrointestinal drugmaker, Irelandbased Endo said yesterday it had offered a cash-and-stock bid worth about $175 a share at current prices. That would value Salix at roughly $15.7bn, including

$4.5bn of net debt, compared with Valeant’s all-cash offer of $14.5bn. Endo would also become liable for the $356m break fee that Salix would have to pay for walking away from Valeant’s bid. Endo, a drugmaker that specialises in pain medication, has a market capitalisation of $15.35bn — $5bn higher than Salix before news of its offer. Shares in Salix rose 7 per cent to $168.80, while shares in Valeant and Endo fell by 3.8 per cent and 1.4 per cent, respectively. Endo’s offer is a sign of the continuing appetite for mergers and acquisitions in the pharmaceuticals industry. Almost $70bn of deals have been announced in pharma and biotech so far this year, according to Thomson Reuters — more than double the level of activity seen by the same point in 2014, and the strongest start to a year in more than a decade.

The rival offer also raises the prospect of a bidding war for Salix, a situation that Mike Pearson, Valeant’s chief executive, had said he wanted to avoid after his year-long pursuit of Allergan, maker of Botox, was torpedoed by a higher offer from Actavis. Valeant responded to Endo’s counterbid by saying it was “firmly committed to its all-cash agreed transaction”, which it said delivered “immediate and certain value to Salix shareholders”, although some analysts predicted that Mr Pearson would sweeten his offer. John Paulson, the hedge fund manager whose Paulson & Co vehicle is the largest investor in Salix, welcomed Endo’s intervention and described it as a “very compelling counter offer”. “[The] Endo offer provides higher value plus [a] 75 per cent stock compo-

The rival offer also raises the prospect of a bidding war for Salix

nent, providing both more favourable tax treatment for Salix shareholders plus potential further appreciation from earnings per share accretion and strategic benefits,” said Paulson & Co, which has a stake of about 9 per cent in Salix. Alex Arfaei, an analyst at BMO Capital Markets, predicted said there was still a 70 per cent chance that Valeant would end up snaring Salix. “Valeant’s . . . offer is all cash and, if needed, we believe that Valeant could raise its offer by either raising the cash component and/or issuing stock,” he said. In a letter to Salix’s board, Rajiv De Silva, Endo’s chief executive, said his offer would provide “far more value to Salix’s stockholders” because it would give them a “material equity component” of about 40 per cent in the combined company.

Private equity. Exit time

Univision IPO may end ugly buyout era Investors plot imminent sale of broadcaster that became symbol of credit bubble HENNY SENDER, MATTHEW GARRAHAN AND JAMES FONTANELLA-KHAN — NEW YORK

In 2007, Univision was acquired by a consortium of private equity investors in a highly leveraged deal worth more than $13bn including debt. Now, the Spanish language US broadcaster that had become a symbol of the excesses of the credit bubble is plotting a return to the public markets. The company’s owners — Saban Capital, Madison Dearborn Partners, Providence Equity Partners, Thomas H. Lee Partners and TPG Capital — have appointed Goldman Sachs, Morgan Stanley and Deutsche Bank to lead an initial public offering that could value the company at more than $20bn including debt, according to people familiar with the matter. Univision is one of the few privately owned large US media groups. With 16 broadcast, cable and digital networks and129localtelevisionandradiostations it has a vast following among the Hispanic population: its Los Angeles station is often the most watched for adults aged 18-49,forexample. The planned IPO is expected to raise more than $1bn, people familiar with the matter say. The consortium of owners would have preferred to exit their investment sooner — preliminary sales talks were held last year with potential buyers, including Time Warner and CBS — but any potential deal was hamstrung by Univision’s vast debt pile, estimated to be between $9bn and $10bn. However, the company has “deleveraged at a very accelerated pace”, said one person involved in the deal. Total debt is expected to fall to about $6bn within three years, according to a confidential internal projection. Yet as they prepare to begin cashing out of their investment, Univision’s private equity owners might not earn enough to take their usual 20 per cent cut of the profits, bankers say. They plan to list only a small percentage of the equity and are likely to have to hold on to the rest of their stakes for years before they can exit completely. This means the final profitability of the deal will not be known for some time.

Wake Up: the cast of Spanish language programme ‘Despierta America’ filming at Univision Studios in Miami — Gustavo Caballero/Getty

However, private equity investors involved in the deal told the Financial Times they would ultimately make up to four times their initial investment. Thanks in large part to the easy money policies of the US Federal Reserve, private equity firms have been able to refinance the debt they put on companies bought in the boom years and float the businessestheytookprivate. Now, with plans to list Univision and having just sold Freescale, the US semiconductor group, to rival NXP, the private equity community is finally putting the period behind it. Univision has diversified beyond its core Spanish language, free-to-air channels since the buyout. Under

Now . . . the private equity community is finally putting the period behind it

Randy Falco, chief executive, it launched several new cable networks, scoring with its sports channel and football World Cup coverage last year. It also diversified to programming in English with Fusion, a channel aimed at millennials, which it owns with Walt Disney. Univision’s plans for an IPO come as the number of companies being listed is slowing. Only one big deal from the boom years remains on private equity groups’ books — Bain Capital and Thomas H. Lee Partners’ buyout of Clear Channel, one of the most highly leveraged deals of the period. Private equity firms generally value their investments by comparing them to other publicly held companies, and they have marked up Univision’s value in line with the rise in market valuations of comparable, publicly held companies, according to confidential materials sent by TPG to its investors. The companies mentioned by TPG include Discovery Communications, Scripps Networks, Time Warner, Viacom and Disney. TPG valued its

$837m investment in Univision at $1.14bn at the end of the third quarter, giving it a gross internal rate of a return of only 4.2 per cent. When the private equity firms bought Univision in March of 2007, they valued it at more than 16 times earnings before interest, taxes, depreciation and amortisation, while net debt was 12 times ebitda. In the five years before the purchase, Univision had traded at an average 40 per cent multiple to its Englishlanguage peers. But thanks to investors’ thirst for attractively priced debt from lower rated companies, the owners were able to refinance a large part of that debt burden. Univision has no significant nearterm maturities until 2019, according to letters to investors. “It is true that we used leverage to pay sellers more than companies were worth at the time,” said one private equity executive involved in Univision. A successful IPO could mark an end to a period the private equity sector would prefer to forget.

Technology hardware

Ericsson to cut 2,200 jobs in Sweden DANIEL THOMAS — TELECOMS CORRESPONDENT

Ericsson will cut 2,200 jobs in Sweden as part of an attempt to slash SKr9bn ($1.04bn) in annual costs by 2017. The bulk of the cuts at the world’s largest maker of telecoms equipment will be in research and development, and supply operations. The Stockholm-based group is moving away from more traditional sectors to focus on growth areas. Ericsson said that it would continue to maintain a high level of investment in R&D but that it believed it could be more efficient. The company will incur restructuring charges of SKr3bn-4bn between 2015 and 2017. Ericsson employed 118,000 people globally at the end of 2014, with about 17,580 in Sweden alone. “The pace of change is increasing in the industry, accelerated further by industries converging,” the company said. “The pace of change is also accelerating in Ericsson as the company transforms to ensure leadership in the information and communications technol-

Ericsson said it would continue R&D investment

ogy industry.” The group has sought to restructure to expand in areas such as next generation telecoms networks as well as media and internet services. Last year, 19,000 employees joined Ericsson but 15,000 employees left. It plans to continue to increase employee numbers in its targeted growth areas. Ericsson first revealed plans for the wider cost cutting in November. Yesterday, the group said that it was moving “into [the] next phase with activities worldwide”. The company said it would remain Sweden’s largest employer of R&D professionals and its home market would still be the main R&D hub for its radio technology. “We remain committed to our technology leadership position and we will continue to lead the industry in terms of R&D investments,” it said. The cost cutting includes both headcount as well as savings in external costs across global operations. The company also hopes to make savings via reducing the use of consultants and a consolidation of its IT services.

EUROPE

Tony Barber

Areva’s is a sorry tale of mismanagement and political meddling

T

he paradox of Areva, the French nuclear group, is that it is a world leader in its sector but a company in crisis. So says Philippe Varin, who took over in January as Areva’s chairman. As a former chief executive of PSA Peugeot Citroën, the French carmaker bailed out under his leadership, Mr Varin knows a company in crisis when he sees one. But his elegant turn of phrase about Areva misses something out. First and foremost, Areva is a victim of political intrigue and interference, with a dash of managerial incompetence thrown in for good measure. What is more, these problems go all the way back to the company’s formation in 2001. Among the chief losers in this sorry tale are private investors in Areva. They have little influence because the French state owns 87 per cent of the company and would undoubtedly insist on running the show even if it reduced its stake to 77, 67 or 57 per cent. But Areva’s share price has halved over the past 12 months. Its €3.6bn market capitalisation today is smaller than the €4.8bn loss it chalked up in 2014 — and smaller, too, than the group’s €5.1bn net debt. A ray of light might shine through the clouds of confusion that hang over Areva, if only the politicians and industrialists entrusted with its affairs saw eye to eye on how Paris would insist to run it. Instead, larger than life characters such as Nico- on running the las Sarkozy, the ex-presishow even if it dent, and Anne Lauvergeon, the former Areva chief exec- cut its stake to 77, utive, fought for many years 67 or 57 per cent a kind of low-intensity war against each other, robbing the company of the stability and predictability it needed to flourish. Even now, the wounds from these skirmishes are visible on Areva — as is shown by the investigation that French financial prosecutors have conducted for the past 13 months into the company’s 2007 purchase of UraMin, a Canada-based company. Having paid $2.5bn for UraMin in the mistaken belief, or hope, that it was sitting on large deposits of undiscovered uranium in Africa, Areva eventually had to write down virtually its whole investment. In a laborious search for evidence of criminal offences, the prosecutors have raided its headquarters and, according to their own count, have started to sift through 1m computer files. This probe is highly likely to turn out to be a wild-goose chase as risible as Areva’s hunt for African uranium. But to dismiss the investigation as a distraction from more pressing financial and industrial challenges is to miss the point. The inquiries illustrate how state-owned companies in France run a seemingly inescapable risk of being sucked into political disputes that flow into the legal arena. Political feuds and the long shadow of the state also explain the conflicting signals this week about whether EDF, the French utility, should come to Areva’s aid by merging with it, investing in its reactor business or, more cautiously, limiting its involvement to deeper coA kind of lowoperation on industrial projects. In the end, the gov- intensity war has ernment will have the last robbed the group word on what happens, because it is the majority of stability and owner of EDF as well as predictability Areva. But this does nothing, for the moment, to clear up matters. According to Ségolène Royal, France’s energy minister, who was speaking on Monday, the government is not ruling out an Areva-EDF merger. According to Emmanuel Macron, the economy minister, who was also speaking on Monday, the government is ruling it out. Perhaps, echoing Mr Varin, we should call it a paradox and leave it at that. But this is no laughing matter for EDF, which has challenges of its own to deal with. In particular, it will have to find tens of billions of euros over the next 10 years to maintain the ageing nuclear reactors that supply three-quarters of France’s electricity. No wonder Jean-Bernard Lévy, EDF’s chief executive, made it plain last month that he did not want to be hustled by the government into making an equity investment in Areva. For its part, Areva can blame some of its troubles on the downturn in the global nuclear industry that followed the 2011 Fukushima accident in Japan. But that cannot excuse the delays and enormous cost overruns at two nuclear plants under construction in Flamanville, in northern France, and in Finland. To make a success of such big projects, Areva does not need to merge with EDF. It just needs better managers and fewer politicians sticking their noses in. The history of Areva suggests this is easier said than done. [email protected]

Spain intervenes in Andorran probe The Bank of Spain has intervened in the management of a Madrid-based private bank after the US accused its Andorran parent of money laundering activities for Chinese, Russian and Venezuelan interests. The Bank of Spain said it had appointed two officials to act as administrators to Banco de Madrid, which

caters to wealthy clients. The intervention late on Tuesday came after the US Financial Crimes Enforcement Network identified Banca Privada d’Andorra — which holds all of the capital of Banco de Madrid — as a foreign financial institution of “primary money laundering concern”. Thomas Hale, Madrid www.ft.com/financials

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COMPANIES

Europe’s bosses toast exchange rate bounty Euro’s steady fall against the US dollar since May has brought a welcome boost for companies’ profitability MICHAEL STOTHARD — PARIS JEEVAN VASAGAR — BERLIN

The chief executive of Airbus’s aircraftmaking division last year added his voice to the chorus of industrialists lamenting the “crazy strength of the euro”, calling on policy makers to use the single currency as a “weapon” to promote growth. Tom Enders did not just have the wider economy in mind. His company, which produces mainly in the eurozone and sells in dollars, said that for every $0.1 depreciation of the euro, it becomes about €1bn better off on its bottom line. Airbus was not the only one with reasons to want a devaluation. A nearly $0.2 move in the euro against the dollar is worth about 5 per cent in operating profit to European corporates, according to one analysis of 302 large stocks from Alphavalue, the research group. Companies got their wish. The euro has fallen about 25 per cent against the dollar to $1.05 since last May when the European Central Bank signalled that it was prepared to launch a programme of quantitative easing, effectively creating money. As the earnings season draws to a close, European chief executives have started to forecast better times on the back of these currency tailwinds. Jean-Pascal Tricoire, the head of Schneider Electric, a maker of electrical equipment, told the Financial Times last month that the lower euro would be worth €1.5bn in revenues in 2015, which was “very significant”. Christian Mulliez, chief financial officer of cosmetics group L’Oréal, said: “In light of the current exchange rates, we intend to build 2015 around a substantial increase in profit and a moderate increase in profitability.” For Airbus, while the effect of the lower euro will not be felt for two years because of the company’s hedging policy, Mr Enders said that after years of a high euro the fall was set to “provide increased profitability”. There are two types of currency effects on earnings. The first is the translational impact for companies with business abroad when profits are, for accounting purposes, translated back into their home euro currency. This can affect short-term earnings, cash flow, the ability to pay dividends and the share price, but has little longterm impact as the companies are not actually becoming more profitable or more competitive. Gérard Mestrallet, the chief executive of GDF Suez, said that the decline of the euro would be worth about €100m for it in 2015. “Quite simply, the decline in the euro saves us money,” he said. But he said the effect was purely translational: “We are not an exporter.” The other impact of a weak euro is on companies exporting outside the eurozone, as their goods become more competitive, meaning they can either lower prices to try to add market share, or just hold on to more profit. Here it is the technology and luxury sectors that are set to reap some of the largest real benefits, according to analysts, which point to groups such as LVMH and STMicroelectronics as big winners. LVMH, for example, manufactures

Added lift European companies that profit from weaker euro Six-month share price change relative to the FTSE Eurofirst 300 (%) Luxottica STMicroelectronics LVMH L’Oréal BMW Novartis Airbus Nestlé 0

The two sides are holding discussions that might result in changes to the terms of the one-for-one share deal announced last April, according to people familiar with the matter. A combination would create a cement and crushed-rock powerhouse in many of the largest markets, with revenues of €40bn annually but a reduced European presence. Holcim shareholders have raised concerns over the terms of the deal. A representative for the Schmidheiny family, which founded Holcim and is its largest investor with a fifth of the shares, told Reuters this week: “The industrial logic of the deal is undisputed.” He did not comment on the price. The remarks came after a SonntagsZeitung report at the weekend said that Thomas Schmidheiny, head of the family and a former Holcim chairman, wanted the terms of the deal renegotiated.

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Healthcare Consumer goods Consumer services Telecoms Oil and gas Technology Utilities Industrials Basic materials Financials

‘The background to the weak euro is problems in the eurozone . . . demand in the eurozone is weak’ -0.2

-0.1

0.0

0.1

0.2

0.3

Euro against the dollar $ per euro

1.5 1.4 1.3 1.2 1.1 1.0

2010

Airbus says the euro’s reversal will ‘provide increased profitability’ — Chris Ratcliffe/Bloomberg

Debt binge Borrowers worldwide lured by cheaper financing From Coca-Cola to China’s State Grid Corporation, companies worldwide are engaged in a euro borrowing binge as the cost of financing in Europe slides to a record low. So far this year US companies have offered $28bn of bonds in euros, data

from Dealogic show, putting sales at a new high. US debt markets remain the most popular place for companies to raise money via bond sales. But more are being lured by cheaper financing overseas as eurozone yields drop and the euro depreciates. Coca-Cola set a record in February by selling €8.5bn of bonds, the biggest euro sale by a US issuer. It attracted demand of more than €20bn, despite yields of 1.65 per cent on

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13

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Sources: Bloomberg; Thomson Reuters Datastream;

debt that will mature in 20 years. Since the European Central Bank announced plans to buy bonds to accelerate inflation and boost confidence, prices for bonds in the eurozone have jumped, sending yields to record lows and in some cases below zero. Borrowing in euros can be used to manage currency exposures or finance deals and operations in the region. But it can also be used to cut costs with the proceeds swapped immediately back

into the company’s home currency. Low yields mean cheap financing, while the euro’s weakness makes the cost of converting back into dollars much lower. It is not just the US. Companies from India, South Korea and China have also turned to euro debt in the hope of diversifying investors and cutting costs. By this point in 2014 mainland Chinese companies had not raised anything in euro debt. So far this year, they have issued nearly $3bn. Elaine Moore

and deployed globally — that’s what we do,” it said. Generally, the weak euro has been a mixed blessing for German manufacturers, according to Ralph Wiechers, chief economist at the VDMA, the country’s machine-tool makers’ association. While it improves price competitiveness with rivals in the US, Korea or China, there are also downsides. “The background to the weak euro is problems in the eurozone, and that has an effect that works in the other direction — demand in the eurozone is weak,” said Mr Wiechers. But some analysts say that other positive factors should also help to boost profits for European companies this year, including low interest rates and the nearly 50 per cent fall in the oil price over the past eight months. Pierre-Yves Gauthier, the head of research at Alphavalue, said that he had never seen such a combination between a strong dollar, cheap energy and cheap money. “It’s a miracle. It’s a delight, valuations should continue to go up,” he said. See Lex

cognac and leather goods largely in France, but most of its sales are in the US and China. STMicroelectronics makes semiconductors in Europe, but sells most of its products in dollars. According to Moody’s, the rating agency, the weak euro is also likely to benefit carmakers such as BMW, Daimler and Volkswagen, which have the majority of their cost base in the eurozone and significant sales outside it. Daimler is considering slowing down expansion of its production facilities in the US if the euro remains weak against the dollar, according to Michael Brecht, the employee representative on Daimler’s supervisory board, in remarks reported by Reuters. Moody’s also expects European hotels and tourism companies to receive a

boost from increased demand, as destinations in the eurozone become cheaper for travellers from overseas. However, Anke Rindermann, senior analyst at Moody’s, said that European airlines could bear the brunt of the currency move, with fewer people choosing to travel outside Europe. Tourists coming into the region would most likely fly on non-European airlines, she said. The flip side to the lower euro is that it makes importing more expensive and foreign acquisitions more costly. “Overall it is good for us but it makes investment for the future more expensive,” said Mr Mestrallet, who in recent years has had a strategy of increasing the exposure of GDF Suez to emerging markets though acquisitions.

Holcim and Lafarge rethink tie-up terms after groups’ shares diverge Holcim and Lafarge, Europe’s two biggest cement groups by sales, are in talks to renegotiate the terms of their €41bn merger after a divergence in the value of the two companies over the past year.

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FTSE Eurofirst 300 five-year weekly correlation to euro-dollar

Construction

ARASH MASSOUDI AND SARAH GORDON — LONDON JAMES SHOTTER — FRANKFURT

5

Healthcare companies gain from a weak euro

Ms Rindermann said: “Despite the mixed results, the shift in exchange rates on its own is not significant enough to affect ratings.” Analysts point to the difficulties for chief executives to factor currency moves into their forecasts, given the uncertainty. “They are likely not putting all the benefits into their forecast as it is not clear where the euro is going to be at the end the year,” said David Finch, analyst at Exane BNP Paribas. “But as things stand, or if the euro falls further, there could be more significant upgrades to earnings forecasts for many companies.” Ebm-papst, the German fan manufacturer that has 12,000 employees worldwide, described currency gains as a “sweet poison”. “You can’t rely on a strong dollar, because that will turn. You have to ensure that you are competitive,

Holcim’s second-largest shareholder, Eurocement, which is owned by Russian Filaret Galchev and holds 10 per cent of the shares, has not publicly supported the deal. Eurocement declined to comment. Peter Stopfer, a Holcim representative, said: “The status remains unchanged. Both companies continue to work on different workstreams to complete the planned merger. We cannot comment further.” Lafarge declined to comment. Switzerland-based Holcim has outperformed its French rival since the deal was announced. Its valuation has also benefited from Swiss franc appreciation. In euro terms, shares in Holcim

Holcim shares have gained, whereas Lafarge stock has retreated

have returned 6.8 per cent against a loss of 0.6 per cent for Lafarge shares. Holcim is valued at €23bn to Lafarge’s €18.5bn. That compares with respective values last April of €21bn and €18.4bn. News of the latest discussions comes just weeks before Holcim was expected to hold a shareholder vote, where it will need two-thirds of those present to approve the deal. Both groups have been at pains to present the deal as a merger rather than a takeover although, even under the deal’s original terms, Holcim would have paid a small premium to acquire Lafarge. Any change to the share exchange ratio would be likely to stir political disquiet in France, where the government has resisted takeovers of domestic companies by foreign rivals. The deal, which potentially ran foul of competition rules in at least 13 countries, including Canada, France and Spain, was partially approved by the European competition authorities in December. Remedies proposed by Holcim and Lafarge to address EU concerns involved disposing of one company’s assets in most of the European countries in which the new combined company would operate. Additional reporting by Michael Stothard and Laura Noonan

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Thursday 12 March 2015

COMPANIES General financial

General financial

Wall St celebrates rise in jobs and bonuses

Fed stress tests point way to higher dividends

Uptick in awards pool and employment last year despite fall in profits TOM BRAITHWAITE — NEW YORK

Wall Street employment increased last year for the first time since 2011 and New York’s traders and bankers enjoyed a modest increase in their bonuses, according to official state numbers. Figures from the New York comptroller’s office showed the average bonus paid rose by 2 per cent to $172,860 in 2014 even though the industry was 4.5

per cent less profitable than a year earlier. “The resumption of job growth in the securities industry bodes well for New York’s economy,” said Thomas DiNapoli, New York state comptroller, “but it remains to be seen whether this trend will be sustained.” The industry added 2,300 jobs in 2014 to 167,800. Mr DiNapoli said the uptick, which came “towards the end of 2014”, was dwarfed by job losses in the seven years since the financial crisis. The demise of Lehman Brothers and Bear Stearns and the cost-cutting at surviving brokerages has hollowed out the industry, with 28,000 jobs lost during

the crisis and more reductions in staff numbers during 2011 and 2012. At the same time, other businesses have picked up the slack, helping New York City in particular enjoy a buoyant labour market. The problem for officials such as Mr DiNapoli is that no one pays better than investment banks and therefore no one is a more important source of taxes. “When it comes to our local economy Wall Street is — in the words of [baseball player] Reggie Jackson — the straw that stirs the drink,” he wrote on Twitter. The shrunken securities industry accounts for less than 5 per cent of New

York City’s private sector jobs but 21 per cent of wages paid in the city. The comptroller’s office estimates that 19 per cent of state tax collections last year were drawn from “securities-related activities”. It is a “very important revenue driver for our budget”, said Mr DiNapoli. The annual bonus numbers lag behind what bankers and traders actually received in bonuses because they do not measure deferred stock awards, only cash and stock awarded from previous years but paid out — and taxed — in 2014. On this measure, the total bonus pool for 2014 was $28.5bn, its

highest level since 2007 and 3 per cent higher than in 2013. Even though bonuses in New York investment banks have never regained the highs of 2006, when the pool was $34.3bn and the average bonus was $191,360, they are far greater than the payouts of the 1980s. The comptroller’s office estimates that in 1989 the average bonus was $13,260. “The cost of legal settlements related to the 2008 financial crisis continues to be a drag on Wall Street profits, but the securities industry remains profitable and well-compensated even as it adjusts to regulatory changes,” Mr DiNapoli said.

Industrial transport. Merger push

China sends distress call as shipbuilders founder Biggest private operator urged to save rival Rongsheng from storm hitting sector and clients TOM MITCHELL — BEIJING

Missing shipowners, a white knight reportedly detained by Beijing police and an abandoned African timber deal have all featured in Chinese shipping disasters, as the country’s slowest economic growth in a quarter-century sinks Chinese shipbuilders and their clients at an alarming rate. In an attempt to contain the damage, government officials have urged the country’s two largest private shipbuilders to discuss a potential merger. Earlier this week, Singapore-listed Yangzijiang Shipbuilding said it had been asked by Chinese government agencies to consider taking a stake in China Rongsheng Heavy Industries, a smaller rival that last year restructured debts totalling more than Rmb10bn ($1.6bn). Rongsheng suspended trading in its Hong Kong-listed shares yesterday, pending the announcement of a “substantial disposal”. While Rongsheng’s woes have been building for years, the collapse in the benchmark Baltic Dry Index to 30-year lows has pushed it and many other maritime companies to the brink — especially small, privately owned companies that build, lease or operate the bulk carriers that transport commodities such as iron ore and coal. “Short-term ship leasing is cheap, punishing those who signed long-term leases at higher day rates a year ago,” says Russell Barling, an independent transport analyst. “Bulk shipping has been going through a long period of pain, winnowing out those with cashflow problems, and not just in China.” Some failures have reverberated beyond Chinese shores. On March 5, a Hong Kong liquidation meeting for Shagang Shipping attracted more than two dozen creditors including representatives of big global mari-

Contracts & Tenders

Visitors stroll on a Rongsheng ore carrier during a naming ceremony. The company has halted its shares as rival Yangzijiang considers a merger — Aly Song/Reuters time players such as George Economou, the Greek shipping magnate, and Belgian bulk carrier Bocimar. Privately owned Shagang first made waves overseas in 2013 when it asked South Korean authorities to seize a cruise ship operated by HNA Group, a Chinese conglomerate with which it has been embroiled in a dispute over $66m in alleged arrears. Shagang’s action forced HNA to organise an airlift evacuation of the vessel’s 1,600 stranded passengers. Shagang’s own debts could be more

Four other shipbuilders have been hit by court orders, won restructuring approval or halted shares

than 10 times the amount it is seeking from HNA, according to Chris Grieveson, a maritime lawyer who is defending HNA. Shagang’s liquidators declined to comment. “The massive profits that shipowners enjoyed up to 2008 were all driven by China’s demand for raw materials,” Mr Grieveson says. “But now there’s excess tonnage in the market and you’ve got low freight rates, so people are struggling. “[Shagang] isn’t the only big shipping bankruptcy recently,” he adds, referring to the collapses of Denmark’s Copenship and Daebo Shipping of South Korea. “But China is very much in the centre of it all because everyone is taking goods there.” In Rongsheng’s case, Chinese authorities intervened less than a week after a white knight investor, who had been poised to inject up to Rmb2.5bn into the

company, was reportedly detained by Beijing authorities during the course of an unrelated corruption investigation. “The company has no information as to the details of the incident and has been unable to contact [the investor],” Rongsheng told the Hong Kong stock exchange on March 4. “The board has decided that it is not in the best interests of the company and its shareholders to proceed with the [deal].” Four other Chinese shipbuilders have, since early February, either been hit by court orders freezing their shareholders’ assets, secured government approval for restructuring or halted trading in their shares pending a reorganisation. In the last case, Singapore-listed JES International announced the restructuring of its Chinese shipbuilding arm, which it said had been brought low by “inadequate internal management” and

“sustained significant financial losses”. The company also abandoned plans to purchase a forestry business in the Congo. In another diversification bid, Rongsheng purchased stakes in four oilfields in Kyrgyzstan last year but remains hamstrung by the collapse of its core business. In its search for a saviour for Rongsheng, the Chinese government passed over six large state-owned groups, many of which are struggling with chronic problems of their own. “There is massive overcapacity in Chinese shipbuilding,” says Tim Huxley, chief executive of Wah Kwong Maritime Transport, a Hong Kong shipping company. “State-owned yards are not going to rush in to save these facilities.” In addition to China’s struggling shipbuilders and Shagang, at least three other privately owned Chinese shipping companies have capsized this year.

ERIC PLATT — NEW YORK

US banks are poised to reclaim the top spot among S&P 500 sectors paying out the largest dividends to shareholders, after the Federal Reserve yesterday released its stress test health check of financial companies. Not since 2008 and the collapse of Lehman Brothers have US financials been the highest dividend payers within the S&P 500. Over the past six years banks have slashed dividend programmes and focused on building up reserves to meet higher regulatory standards. The financial sector’s absence from the top could end after numbers are crunched following the results of the Fed stress tests in the annual Comprehensive Capital Analysis and Review. Banks on and off Wall Street disclosed increases to capital return programmes minutes after the Fed gave approval yesterday. Morgan Stanley said it would increase the quarterly dividend paid on its common stock by 50 per cent to 15 cents a share. Wells Fargo plans to increase its dividend by 7 per cent, American Express by 12 per cent, US Bancorp by 4.1 per cent and Goldman Sachs by 8.3 per cent. Bank of America said it would maintain its 5 cent dividend. Citigroup, which failed the stress tests last year, the only large US bank to do so, passed the review this year and increased its dividend to 5 cents from 1 cent. It had been barred from completing that same increase a year earlier. Howard Silverblatt, senior index analyst with S&P Dow Jones Indices, said banks were in position to reclaim the top spot after the announcements, although it was too soon to calculate the annualised amount of dividends paid by the sector. Financial institutions in the blue-chip index were all set to issue $54.5bn of dividends over the course of the year, $927m less than the technology sector, based on quarterly policies in place at the end of last week, according to data from S&P Dow Jones Indices. At that level, the sector would account for about 14.6 per cent of all dividends issued by S&P 500 constituents, second only to the 14.9 per cent rate for information technology. Those figures were due to change after the dividend increases. “Don’t be surprised if financials take back their first-place position as the largest paying sector, even if they are accounting for half the rate,’’ Mr Silverblatt said. While financials have been among the three worst performing sectors on the S&P 500 this year, rising dividend yields could provide a fillip. Jonathan Golub, strategist at RBC, said: “Beyond rising rates, banks should benefit from five additional trends.” With improving loan performance, favourable valuations, accelerating loan growth and lower legal payouts, the key reason he cited was “capital return potential”.

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Thursday 12 March 2015

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FINANCIAL TIMES

COMPANIES

Oil & gas. Business taxation

Banks

BNP’s founding father bows out from board role Ex-chief Pébereau to keep title at French lender he is credited with building MICHAEL STOTHARD — PARIS

Michel Pébereau, the man known as the godfather of French finance who defined the country’s banking sector over three decades, is stepping down as a director of BNP Paribas. The 73-year-old, who was chief executive during the merger in 2000 that transformed the bank into one of the world’s largest lenders with assets of about €2tn, is to leave the board in May. “Of course, it is different: Pébereau or not Pébereau, it’s different,” said a perElder statesman: at 73, Michel Pébereau, right, has decided to step down as a BNP director

son close to the BNP board, describing the prospect of losing the man seen as the bank’s founding father. “But life goes on and the bank is strong. They say it’s the best achievement of Michel Pébereau . . . I can say he is the greatest French banker.” The company yesterday released its agenda for its annual meeting where Mr Pébereau’s seat on the board was not up for renewal. That meant that he intended to step down, BNP confirmed. “At 73 years old, Mr Pébereau has decided that it was not appropriate for him to renew his mandate as director,” said a bank representative, speaking on behalf of Mr Pébereau.

Mr Pébereau is set to keep his title as honorary chairman, however, as well as his office in BNP’s Paris headquarters, meaning the political heavyweight and consummate dealmaker could still be called upon for connections and advice. This could be useful as the bank recovers from a difficult year in 2014 when it was forced to pay a record $8.9bn fine for US sanctions violations and received a one-year ban on some dollar clearing. A rival French banker said the BNP honorary chairman no longer carried the same weight in French political and business circles, but he remained a force internally at the bank. “He belongs to a different generation,” the rival said. Mr Pébereau made his name in 1999 when as chief executive of Banque Nationale de Paris he attempted to block a proposed merger between two rivals, Société Générale and Paribas, making the audacious move of trying to swallow both. The former top civil servant, who oversaw the privatisation of Banque Nationale de Paris in the 1990s, failed to win SocGen but in 2000 managed to take over Paribas, becoming chairman and chief executive of a new group, BNP Paribas. A generation of management at BNP were shaped by his tenure at the bank. The two CEOs that followed him, first Baudouin Prot then Jean-Laurent Bonnafé, were both his protégés. “He is a true captain of industry,” said one senior central banker yesterday. “He led the transformation of BNP Paribas into one of the premier European banks,” showing the “very best of the universal banking model”. Additional reporting by Martin Arnold

Cairn’s $1.6bn India bill highlights tough regime Modi’s much-heralded pledges of fairer treatment are yet to filter through, companies claim JAMES CRABTREE — MUMBAI

Pipe dream: Cairn hopes to sell its stake in Cairn India

The risks of grappling with India’s revenue authorities were made abundantly clear yesterday, as Cairn Energy’s shares fell 16 per cent on news that the British oil explorer faces a $1.6bn tax demand from New Delhi. Cairn’s announcement that it would seek international arbitration against the demand followed a familiar pattern in which other multinational companies, including Vodafone of Britain and Nokia of Finland, have launched legal battles in the face of hefty and disputed Indian tax claims. But the Edinburgh-based group’s predicament also raises deeper questions about the relationship between India’s taxman and foreign investors under Narendra Modi, prime minister, whose government has promised to introduce a new “non-adversarial” tax regime since taking power last year. As Cairn revealed the $1.6bn tax demand on Tuesday Simon Thomson, chief executive, noted “government ministers have consistently commented on the negative impact . . . taxation has had on international reputation and investor sentiment towards India”. Given scant progress towards resolving a long-running $2.6bn tax dispute involving Vodafone, this second claim against a prominent British investor also comes at an awkward moment, as Arun Jaitley, Indian finance minister, is due in London later this week to unveil a statue of Mahatma Gandhi. Mr Jaitley can claim to have taken steps to end what his party once called India’s record of “tax terrorism”, starting with circulars instructing tax inspectors to ease off aggressive investigations

of multinationals. Earlier this year his government also decided against taking Vodafone to the supreme court in another, separate $490m case. That decision had implications for dozens of foreign companies and was welcomed by tax experts. Finally, in India’s budget last month, Mr Jaitley issued clarifications to the so-called “retrospective amendment”, a legal change from 2012 that allowed tax officials to bring new cases against companies like Vodafone and Cairn in relation to historical transactions. In Cairn’s case, this involves a claim relating to Cairn India, its one-time Indian subsidiary with oilfields in Rajasthan, and a reorganisation from before its 2007 flotation in Mumbai. Unfortunately for Cairn, Mr Jaitley’s exemptions did not apply in its case, paving the way for Tuesday’s claim. Foreign businesses also cite a broader problem, which is that pledges of fairer tax treatment have yet to filter through on the ground. Tax inspectors still have tough revenue targets to meet, creating an incentive for “creative” claims as the end of the tax year looms in March. As a result, even though new cases like Cairn’s are more rare, the day-today grind of grappling with inspectors remains, according to one chief executive at a global business in India. “Nothing has changed. Our life with the authorities is just as difficult as it was before,” this person says. For Cairn, which said it complied with all relevant tax laws, Tuesday’s claim is particularly hard. It had hoped that Mr Modi’s new regime would allow it to sell its residual 10 per cent stake in Cairn India, which since 2011 has been controlled by Vedanta Resources, the Indian metals and mining group. Cairnnowhassixmonthstonegotiatea deal,althoughaspeedyresolutionappears unlikelywithoutafurtherchangeofheart fromMrModi’sgovernment. See Lombard

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Thursday 12 March 2015

UK COMPANIES

Briefs

The real Domino effect will be higher investment in digital printing Alison Smith Domino Printing Sciences appears to be reaching its own “sell-by” date as a listed company. In the City, the group has been so low-key it makes Rexam seem positively flamboyant. But just as the drinks-can group attracted attention from halfway around the world with a bid of £4.3bn from US rival Ball, so the printing group has been identified as desirable by Japanese group Brother, which is prepared to pay £1bn in cash to snap up its digital, barcode and expiry date expertise. Unsurprisingly, the Domino board is recommending the offer of 915p a share, which comes with the bonus of the 14.76p a share final dividend. A scheme of arrangement to win shareholder approval shortens the timescale for any other interested party to make an alternative offer.

Yet Brother is paying the sort of premium that would discourage others from joining in even if the process lasted a year and a day. Though Domino’s shares closed well above the offer price at 941p, that offer is still 27 per cent above Tuesday’s close. In multiple terms it is also generous, valuing the group on a forward p/e of about 24 times. Analysts at Barclays say that in 2004 UK printing group Lynx was bought by Danaher for a price equivalent to a p/e of 20 times. And that was after the US group had won a bidding war against ITW. Although Brother and its putative new division have the word “printers” in their business models, they are in such different parts of the market that the Japanese group is not even talking vaguely about cost synergies. It is simply a move to buy some growth. Investment bankers hope the deal will renew M&A interest in FTSE 250 industrial engineers and similar. Xaar, the profit-warning-hit industrial printer, has already been mentioned as a possible target. More imaginative speculation reaches as far as Spectris, which makes electrical equipment.

But this hope is expressed every time a mid-cap industrial receives a bid, and is realised less often. Instead, the real impact may be felt further afield. If Brother can fund the UK group’s expansion in the digital printing market where its size has held it back so far, its US rivals, Danaher and Dover, may need to step up their investment plans to defend their positions. Still, cheaper than launching a counterbid.

Negative energy Cairn Energy has been highlighting how senior Indian politicians recognise the “negative impact” of retrospective taxation on investor sentiment. Meanwhile, investors have been making their negative impact on the oil explorer’s value after the group received a $1.6bn tax bill from New Delhi. Cairn’s share price closed 16 per cent lower yesterday, at 153.7p. No wonder the Scottish group sounds sore. Its response is not to turn to the all too familiar terrain of the Indian courts in which other multinationals have contested tax claims, but to

navigate the uncharted waters of the UK-India investment treaty. This treaty says that, if the two sides cannot agree within six months, the dispute goes to an international panel of three wise persons to reach a majority verdict. One arbitrator is appointed by each side, and they agree who the chairman should be. The president of the International Court of Justice acts as backstop, in case there is no outbreak of amity and sweet reason. For both parties the most damaging feature of this tax bill is its element of surprise. It goes against the trend of ministerial comment, suggesting such statements are not a guide to the government’s views. As such, it exacerbates the unpredictability that is already part of the problem. For Cairn, it raises the question: what was the point of engagement by executives with the Indian authorities? Cairn insists New Delhi can have recourse only to its Indian subsidiary, rather than the group. Even so, its inability to sell its $700m stake in Cairn India, which analysts had pencilled in for this year, is bad news enough. When Arun Jaitley, India’s

finance minister, visits the UK this week, he should be glad he is travelling to London, not Edinburgh.

Boohoo’s buyback “So last year,” is rarely a term of praise in the fashion world. Certainly Boohoo.com seems to have little time for last spring’s styles. The online retailer raised £50m when it floated in March last year. Now it wants authority from shareholders to buy back up to 10 per cent of the share capital because it feels it has too much cash — £54m — sitting about on the balance sheet. At yesterday’s closing share price — less than half the group’s debut value — a 10 per cent buyback would amount to £30m. That is more than half the amount it raised just 12 months ago and would reduce the free float that is not extensive now at 53 per cent. A buyback would be one way of boosting earnings per share. But investors should ask the management why this aim cannot be achieved by investing the cash more heavily in the business. [email protected]

GSK chooses Singapore as Asian gateway JEREMY GRANT — SINGAPORE

GlaxoSmithKline, the UK-listed drugmaker, has designated Singapore as its Asia headquarters and will shift some of its US and UK staff to the city-state, in an effort to capitalise on growing demand in the region. The move comes as GSK handles the fallout from having been found guilty by a Chinese court in September of bribing doctors in China to prescribe its medicines. It emerged this month that GSK had dismissed more than 100 staff in China following its internal investigation into a corruption scandal for which it was fined £300m last year. Large pharmaceutical groups are increasingly using Singapore as a hub for expansion in Asia, home to a fastgrowing middle class able to afford branded rather than cheaper generic drugs. Takeda Pharmaceuticals, the Japanese group, has relocated its emerging markets business from Japan to Singapore, where it will integrate the unit

GSK has moved 150 executives to Singapore in the past 12 months

with an existing R&D and vaccines centre. GSK has had a presence in Singapore since 1972 and employs 1,600 people in three manufacturing facilities and offices in the island nation. But the rapid growth of sales in the five biggest economies of the Association of Southeast Asian Nations (Asean) — including Indonesia and Thailand — have prompted the company to concentrate more business units in Singapore. Jason Humphries, managing director of Good Pharma Consulting in Singapore, said: “There is phenomenal growth at the moment in these big markets in the region — such as Vietnam and the Philippines — and that is attracting the global pharma groups just as they are attracting consumer goods companies.” Shi Lichen, senior pharma analyst at Alliance PKU Management Consultants in Shanghai, said GSK’s move in Singapore appeared unrelated to its troubles in China. “The market recovery in Southeast Asia is picking up and catching up with China,” he said. GSK said that almost 150 top executives with global or regional roles had been moving to Singapore in the past 12 months. That was part of a shift to Singapore of US and UK-based staff that support the pharmaceutical business in countries east of Turkey. The company said it expected to add a further 100 employees in Singapore as it completed a new regional headquarters building in the city-state, where Swiss rival Novartis also has a large presence. The new Asia headquarters would “contain the full corporate capabilities to allow faster and more effective decision making within the region”, GSK said. Additional reporting by Patti Waldmeir in Shanghai

Budget online fashion retailer Boohoo.com appears to have halted its recent decline, posting a 27 per cent increase in full-year revenues after a boost in mobile traffic. The Manchester-based company, which issued a profit warning in January after heavy discounting and delivery problems over Christmas, said the sales figure for the 12 months to the end of February was £139.8m, in line with its revised expectations. Mobile now represents almost half of all traffic and daily unique visitors to its website, which markets and sells own-brand clothing and shoes to 16 to 24-yearolds. Boohoo said that it now had 3m active customers, up 29 per cent on the prior year, and had invested heavily in its warehouse infrastructure and digital platforms in order to counter the operational headaches reported in January. Investec said the update “shows that management’s tailored strategy internationally is delivering accelerating growth”. John Aglionby and Elizabeth Paton

LetterOne Group North sea gas plans LetterOne Group, owned by Russian billionaire Mikhail Fridman, below, has provided the UK with what it calls “a detailed response” after Britain’s energy secretary Ed Davey challenged it to explain why he should not request the sale of a dozen North Sea gasfields acquired in a €5bn deal from RWE last week. “We have provided DECC with a detailed response and continue to engage with the department. We will leave no stone unturned to find a solution,”

Pharmaceuticals

Drugmakers are placing Asia headquarters in the city-state to tap demand

Boohoo.com Mobiles boost sales

LetterOne said in a statement. The fields, which comprise the British part of an international portfolio of oil and gas assets acquired with LetterOne’s purchase of RWE Dea, account for 3 to 5 per cent of UK gas production. The government fears the fields could be shut down if sanctions against Russian companies and individuals were to be tightened as a result of the conflict in Ukraine. Chris Adams

Glencore Stake in Russneft Matthew Childs/Reuters

Deal talk B.win speaks to suitors over sale

Bwin.party, the online sports to casino gambling company, confirmed that it has received indicative offers from several groups interested in buying part or all of the company. Philip Yea, non-executive chairman, said yesterday it was in “further discussions” with potential buyers, but declined to say how many or when a deal might be reached. “We’re testing them against each other and against business as usual,” he told the Financial Times. “These processes take whatever time they take.” Bwin’s shares initially rose more than 3 per cent before falling back to close up just 0.38 per cent at 78.70p. Last November, Bwin.party confirmed it was in preliminary talks with “a number of interested parties regarding a variety of potential

business combinations” after FT Alphaville said it believed talks had taken place between the Gibraltarbased company and Canadian gambling company Amaya Gaming. Other bidders are thought to be UK bookmaker William Hill and GVC Holdings, a specialist in unregulated Holdings. The following month Bwin.party said it was close to selling Win, the social gaming business it launched in 2012. There has been no further announcement on this. Mr Yea suggested the parties Bwin.party was talking with were delaying a deal. “We think the industry has good reasons to consolidate,” he said. “But just because we’re ready to discuss it, it doesn’t mean everyone else is.” John Aglionby

Glencore is poised to take a 49 per cent stake in Russneft, a top 10 Russian oil producer. Mikhail Gutseriev, the billionaire businessman and chairman of Russneft, told Russian television yesterday that London-listed Glencore would receive the stake as part of a debt settlement. The Swiss-based mining group has been in talks with Russneft to convert $900m of debt into an equity stake. However, people familiar with the situation said that the deal currently being negotiated would see Glencore swap the interests in various Russneft subsidiaries for a 49 per cent in the parent company. Discussions on a debt-for-equity swap remain ongoing. Glencore refused to comment. Neil Hume

Real estate

Foxtons fails to shake off market fears over looming election CLAER BARRETT

Shares in Foxtons fell by nearly 4 per cent in early trading yesterday before recovering some ground, as the London-centric estate agent reported an 8 per cent rise in full-year profits. The chain issued a profit warning last autumn, blaming political uncertainty in the run-up to May’s general election for a sales slowdown, and has since been targeted by short-selling hedge funds that anticipate a downturn in London’s gravity-defying property market. “Whilst we expect property sales activity to remain subdued at levels comparable to those seen in late 2012

and early 2013 until greater political and economic certainty returns, the long-term fundamentals of the London market remain sound and attractive,” said Nic Budden, chief executive. “We continue to be confident that our organic expansion strategy, together with our strong lettings business, will enable us to grow revenue and profit even in a flat property sales market. Our new branches are performing well and we are on track to open another seven this year.” Pre-tax profits grew 8.2 per cent to £42.1m in the 12 months to December 31 on revenues that rose 3.4 per cent to £143.9m, in line with expectations.

The group was upbeat about the prospects for its lettings business, which accounts for just under half of its revenues. A “significant” improvement was seen in the last quarter of 2014 with a 7.7 per cent rise in revenues, compared with the same period a year ago. Chris Millington, analyst at Numis, wrote: “Whilst the volatility of the sales market means that further changes to forecasts cannot be ruled out, we believe the business is operating in line with our assumptions and the cost base reflects current market conditions.” Foxtons’ margins on earnings before interest, depreciation, tax and amortisation “fell 360bp to 32.1 per cent, but

this is still sector leading”, he added. Improved sentiment has been echoed by other central London estate agents. One Mayfair firm let a tiny Pollen Street flat in a “record” 40 minutes this week, with the client paying a £10,000 cash deposit even though she had not viewed the property. A final and special dividend of 5.16p per share was proposed, bringing the total for the full-year to 9.7p per share, or £27.3m. This is in accordance with the Foxtons policy to pay out between 35 and 40 per cent of profits after tax to its shareholders. Foxtons shares closed down 2.52 per cent at 193.5p.

★

Thursday 12 March 2015

25

FINANCIAL TIMES

UK COMPANIES Travel & leisure

General financial

Hauser to take driving seat at FirstGroup

Alibaba opens doors to China with lender partnerships

Chairman leaving for Barclays to be replaced by Intertek chief executive JANE WILD

FirstGroup has lined up a new chairman to replace John McFarlane, who leaves for Barclays in May. In the driving seat will be Wolfhart Hauser, chief executive for the past decade of Intertek, the multinational testing and inspection group. The Aberdeen-based rail and bus operator will be hoping that Mr Hauser will help steer FirstGroup to sustainable profits after a difficult few years when its share price has more than halved. FirstGroup went cap in hand to inves-

66% Rise in operating profit last year. Pretax profit tax was £59m, against a loss of £29m in 2013

100

p Share price yesterday, down about 67% in five years

tors in a £615m rights issue two years ago after being overburdened by its 2007 takeover of US bus business Laidlaw. The company has since been trying to cut its debt and turn round underperforming divisions. FirstGroup also had to fend off calls last year from an activist investor to break up the group. While that investor, Sandell Asset Management, appears to have retreated, FirstGroup has had more recent problems to contend with, such as the loss of UK rail contracts when they came up for tender, shrinking its portfolio of franchises from five to two. Investors had been looking to Mr McFarlane to help tackle FirstGroup’s problems, so when it was announced in September that he would become chair-

man of Barclays, there was disappointment that he would be leaving after just over a year in the job. FirstGroup said it was delighted to appoint Mr Hauser and commended his experience in taking Intertek from a medium-sized group to a FTSE 100 company. “He has a strong track record of driving profitable growth and value creation in a large international organisation, as well as significant board experience in major UK listed companies,” said Drummond Hall, a director at FirstGroup. Shares in FirstGroup jumped on the news before settling almost flat at 100p. Mr Hauser’s appointment would provide certainty for FirstGroup and his experience at Intertek would help, said Rob Scott Moncrieff, transport

Wolfhart Hauser has run Intertek for a decade

analyst at Brewin Dolphin. But Mr Hauser lacked a background in transport, he added. “It’s great to have clarity going forward, but at same time he’s not perhaps the big heavy hitter they would have wanted.” Mr Hauser said: “I look forward to working with the executive team and the board to improve the group’s returns, resilience and growth prospects to levels befitting its leading market positions in the UK and North America.” FirstGroup swung back into the black last year, with operating profit up 66 per cent to £232.2m and profit before tax of £58.5m, following a loss before tax of £28.9m in 2013. Revenues fell 2.7 per cent to £6.7bn in its last full-year results for its financial year to the end of March 2014.

General industrial. Digital labels

Brother seeks to join the dots with Domino Printing Japanese deal values UK group at £1bn but analysts say US rivals could start bidding war TANYA POWLEY — MANUFACTURING CORRESPONDENT

A UK printing company that flourished by stamping expiry dates on perishable products such as eggs and yoghurts is set to be gobbled up in a £1bn deal, after recently struggling to compete against larger rivals in new technology areas. Japan’s Brother Industries has agreed to buy Cambridge-based Domino Printing Sciences after the barcode printer maker hit challenges in expanding in the fast-growing digital market. The deal — unveiled yesterday — is the latest in an overseas acquisition splurge by Japanese groups that have strong balance sheets, record profits and access to cheap finance, but no path to growth in their stagnant domestic market. Domino’s shares surged almost a third to 943p, trading above the all-cash offer price of 915p per share, as investors speculated that a rival bid might be made for the FTSE 250 company. Analysts said an international bidding war could be unleashed if Domino’s USbased rivals Danaher and Dover decided to make counter offers. “We believe Domino’s products have been leading the digital label printing market in certain areas, and wouldn’t be surprised if another party came in with a bid,” said UBS analysts. However, one person close to the deal poured cold water on the notion of a bidding war, saying it was unlikely another offer would emerge. Domino, which was spun out of Cambridge Consultants in 1978, quickly became one of the world’s biggest barcode printer makers, capitalising on government regulation forcing the introduction of “best before” dates and medicine tracking numbers. When it listed on the London Stock Exchange in 1985, its offering was heavily oversubscribed as the company was seen as a high-tech and export-driven success story. Together with US rivals Danaher and Dover, the companies have about 85 per cent share of the coding and marking equipment market, according to analysts at Barclays. However, a recent move into the growing digital printing market — which involves printing from a computer image file — has seen Domino struggle

KATE BURGESS AND EMMA DUNKLEY

Alibaba is teaming up with two alternative lenders in the UK to help small and medium-sized British companies do business in China. The Chinese ecommerce company is partnering Iwoca, set up in 2012 by two former investment bankers and backed by venture capital, and Ezbob, which is owned by Orange Money and bought Wonga’s small business lending division last month. The intention is to help small British businesses that struggle to meet the heavy upfront payments demanded by Asian suppliers. The initiative comes shortly after the Chinese group teamed up with Lending Club, the US peer-to-peer lender, to provide loans to small business customers. Wei Duan, Alibaba.com’s European market and business development director, said the partnerships in the US and UK — its two biggest markets outside China — would be followed by similar tie-ups with non-traditional lenders across Europe. “We know that small businesses need fast access to trade finance in order to compete and succeed,” Ms Duan said. “We want to make financing as easy as possible for the millions of British companies that do business through Alibaba.com.” The move is the latest in the rise of businesses using technology and online platforms to extend credit quickly and more effectively to small businesses

‘Alibaba has many customers in the UK [that] find it tough to gain financing from banks’

Domino, along with US rivals Danaher and Dover, have about 85 per cent of the coding and marking equipment market

as it competes against bigger overseas rivals including Epson and Xerox. This led to a profit warning last June, when Domino said it was facing an increasingly competitive environment in Asia, while spending on digital printing research and development would also weigh on earnings. Analysts at UBS expect Domino’s operating margins to be about 14.7 per cent this year, down from a historic peak of 18.9 per cent. The potential for digital printing is huge. Most printing — about 97 per cent of the market — is still produced using traditional analogue techniques but many sectors are rapidly moving to digital methods. Peter Byrom, chairman of Domino, admitted that the changing landscape required it to find a larger partner. “The markets in which Domino competes are evolving, with the increasing adoption of digital printing technology, and attracting a new breed of competitor with significantly greater scale and financial firepower than Domino.” One top 25 shareholder in Domino,

said: “The markets like this deal because it gives Domino more scope to expand.” The offer, which values Domino’s equity at £1.03bn, represents a premium of about 27 per cent to Tuesday’s closing stock price. This equates to an enterprise value of 15.4 times the company’s 2013-14 earnings before interest, tax, depreciation and amortisation. Domino had revenues of £350.2m in the year to October 31 2014. Analysts at Investec said they believed the premium price paid by Brother is down to it gaining readymade strong positions in the lucrative coding and marking equipment market. “It will be interesting to see whether the main competitors in coding and marking — Danaher or Dover — decide to counter the offer, but this is clearly being driven by the need to compete in the new [for Domino] field of digital printing, which is not its core business,” said Michael Blogg, analyst at Investec. For Brother, which makes printers and machine tools as well as the sewing

Banks

Most printing is still produced using traditional analogue techniques but many sectors are rapidly moving to digital

machines that the company was built on, it marks an expensive but transformational deal. The purchase will gear up Brother’s balance sheet about seven years after it saw off an activist campaign for share buybacks by the US investment fund Steel Partners. The Japanese company said it expects the digital printing sector to grow rapidly across the globe. Brother only has a small share of the market, involving the digital printing of images on to garments. Under the terms of the deal, Domino will operate as a standalone division in the combined business. The proposed takeover is the latest example of an overseas acquisition drive by Japanese companies. Deals so far this year include the $5.1bn purchase of Australia’s Toll Holdings by Japan Post, Mizuho’s $3bn acquisition of a US loan portfolio from RBS, and trading house Itochu’s $5bn investment in Citic of China. Additional reporting by Arash Massoudi, Robin Harding and David Oakley See Lombard

than traditional banks that are unwilling to take the risk. Alibaba.com will initially introduce borrowers to lenders through its ecredit line. However, Ms Duan said that over time it could supply data to the lenders to help them to build and refine their risk models. Alibaba.com provides a business-to-business market for about 40 industries supplying anything from automotive parts to cosmetics. Companies will be able to borrow as much as £50,000 for up to six months through Iwoca at interest rates of 1.5-2 per cent a month. Ezbob will charge interest starting at 0.75 per cent to extend between £50,000 and £120,000 in credit for up to 15 months to Alibaba.com customers. Russell Gould, chief operating officer of Ezbob, said: “We predict that this will help fuel a significant increase in UK trade volume on the Alibaba.com platform.” Christoph Rieche, co-founder and chief executive of Iwoca, said: “Alibaba has many customers in the UK that use it to buy products from China and these customers find it tough to gain financing from the banking channel.” Mr Rieche said that Iwoca applies internal data analysis to underpin lending decisions. “We’re using a very datadriven risk angle to understand our customers better and faster, so we can provide financing where banks cannot,” he said. “The discussion with Alibaba goes back a long way . . . It’s the first time in Europe you see two technology companies coming together to provide a trade finance proposition to UK businesses.”

Banks

Ireland’s Permanent TSB aims to raise €525m RBS forced to reveal files in £30m Libor suit VINCENT BOLAND — DUBLIN

Ireland plans to test international investors’ appetite for its recovering financial system, as the country’s thirdbiggest bank seeks to raise €525m and begin its return to the private sector. Permanent TSB, which was nationalised at the height of the country’s financial crisis at a cost of €4bn to Irish taxpayers, failed Europe-wide banking stress tests last year. Regulators identified a capital shortfall of €855m. The bank is holding an investor and capital markets day today after informal presentations to potential shareholders over the past few weeks. The bank yesterday reported a big drop in its annual pre-tax loss and said core banking activities in Ireland made a profit of €5m in 2014 before exceptional items, compared with a loss of nearly €700m in 2013. PTSB’s search for private investors comes as Dublin studies options for its 99 per cent stake in the much larger Allied Irish Banks, which last week reported its first profit since 2008, when

the Irish property market collapsed and felled the country’s lenders. Insiders said an initial public offering was the preferred route back to the private sector for AIB. PTSB has appointed Deutsche Bank to advise on its capital-raising, which will be in the form of new equity. Much of the proceeds will be used to repay a €400m contingent capital loan issued to the Irish government as part of its rescue. The Irish bank’s restructuring plan has been agreed in principle with the European Commission. The bank also said yesterday it had agreed to sell a

PTSB said it is unlikely Irish taxpayers will be repaid in full

€5bn portfolio of UK and Irish mortgage assets to private investors. Jeremy Masding, PTSB chief executive, said the bank’s informal presentations on its prospects had been “very well received” by investors. Mr Masding said it was unlikely that Irish taxpayers would see their full investment in the bank repaid. The capital raising would dilute the Irish state’s 99.2 per cent stake although the state holding is likely to remain above 51 per cent. PTSB’s 134,000 minority shareholders can participate, Mr Masding said. However, the transaction is taking place as minority investors mount a legal challenge to the way the Irish government handled the rescue of PTSB. The case before the European Court of Justice has been brought by Piotr Skoczylas, whose Malta-based Scotchstone Capital says it is acting for shareholders owning most of the 0.8 per cent of PTSB equity in private hands. Mr Skoczylas said yesterday the fundraising amounted to “a backdoor dilution” of existing shareholders.

CAROLINE BINHAM — FINANCIAL REGULATION CORRESPONDENT

Royal Bank of Scotland has lost a key pre-trial battle in a £30m lawsuit where it is being sued by a property group over allegations of not only misselling interest-rate hedging products but also manipulating a benchmark that underpinned the instruments. According to a judgment released by the High Court in London yesterday, RBS, which is majority-owned by the taxpayer, will have to turn over as part of pre-trial disclosure confidential reports made to the Japanese regulator over alleged manipulation of Libor, for which the bank paid fines totalling $612m in 2013 to authorities in the UK and the US. The decision comes despite strong resistance from the bank, which successfully requested a hearing in private to argue the point, and also from the Japanese watchdog, which had communicated that any disclosure would be against Japanese law and could jeopardise the safety of the financial system.

The reports “address manipulation or alleged manipulation of Libor by RBS staff at least to some extent” the judgment by Mr Justice Birss read. “The question of the extent of the Libor manipulation is a matter of real public interest.” The lawsuit — which is set for a June 2016 trial — is a perfect storm for RBS. The Property Alliance Group, or PAG, alleges Libor manipulation but its claim also turns on allegations around two other headline-grabbing scandals: that of mis-selling interest-rate hedging products and of misconduct by a restructuring unit at the bank that had to be shut down last year. RBS denies the allegations, arguing that there was no mis-selling and the swaps were tied to

The Japanese watchdog argued that any disclosure could jeopardise the safety of the financial system

sterling-based Libor; while regulators have fined the bank over alleged manipulation of yen and Swiss-franc Libor, there have been no findings in respect of sterling Libor. Interest-rate hedging products have attracted political and public scrutiny and sparked a £1.8bn redress scheme. The swaps were sold as a type of insurance against a rise in interest rates but many companies were forced to pay out when rates fell. Meanwhile, the bank’s now-defunct Global Restructuring Group was shut following allegations that it profited from the financial distress of companies it was meant to help. It is still under investigation over the matter by the Financial Conduct Authority. The bank declined to comment on yesterday’s judgment. PAG’s solicitors at Cooke Young & Keidan also declined to comment. The lawsuit underscores the long shadow that Libor is casting over the banks, some seven years after investigators started probing alleged rigging of the London Interbank Offered Rate.

★★★

26

FINANCIAL TIMES

Thursday 12 March 2015

MARKET DATA WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous day’s trading (%) S&P 500

Nasdaq Composite

-0.19%

Dow Jones Ind

-0.20%

FTSE 100

-0.16%

FTSE Eurofirst 300

0.28%

Nikkei

1.46%

Hang Seng

FTSE All World $

$ per €

$ per £

-0.10%

-1.214%

-0.862%

Feb 12 - Mar 11 Xetra Dax

Index

-0.75%

0.31%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE Index

Feb 12 - Mar 11 S&P 500

All World

New York

Index

Feb 12 - Mar 11 S&P/TSX COMP

All World

Toronto

15,100.70

2,046.74

14,739.20

2,040.24

Day -0.19%

Month -1.37%

Nasdaq Composite

Year 8.69%

Day 0.67%

New York

IPC

Month -2.72%

Year 3.31%

All World

London

6,829.12

Mexico City

6,721.51 Month -1.48%

Year 0.47%

FTSE Eurofirst 300

All World

Frankfurt 11,805.99

10,753.83 Day 2.66%

Europe

Month 9.80%

Year 26.84%

Ibex 35

4,849.94 Day -0.20%

Month 1.30%

Year 11.89%

Dow Jones Industrial

43,227.20

42,635.19

New York

Month 3.09%

Year 11.73%

Bovespa

Day 1.46%

São Paulo

Day -0.16% Country

17,635.39 Year 7.41%

Month -1.31% Index

Month 6.13%

Year 19.17%

CAC 40

Day 1.10%

Paris

Day 1.27%

Mar 11

Mar 10

Country

Month 6.43%

Year 14.34% 23844.25 31412.90 22345.77 4535.79 18665.11 1279.19 1524.75 2178.82 5368.69 6529.83 416.25 484.94 1736.43 1789.73 42972.15 10527.27 483.10 733.96 5887.75 31195.93 647.91 32566.59

9832.51 5794.30 5824.20 3485.20 2505.20 3669.46 5433.20 48293.40 856.39 14641.76 656.24 18903.91 9173.81 10642.51 3443.15 297.70 3286.07 1768.76 1107.60 1257.87 1754.96

Index

Year 7.02%

FTSE Italia All-Share 24334.16 CSE M&P Gen 79.48 79.40 Italy FTSE Italia Mid Cap 31776.75 PX 1016.14 1017.50 OMXC Copenahgen 20 893.50 888.81 FTSE MIB 22833.04 EGX 30 9709.50 9713.61 Japan 2nd Section 4551.57 OMX Tallinn 863.81 865.77 Nikkei 225 18723.52 Austria OMX Helsinki General 9076.06 8949.99 S&P Topix 150 1279.60 Belgium CAC 40 4997.75 4881.95 Topix 1525.67 SBF 120 3935.29 3848.99 Jordan Amman SE 2181.91 Brazil Germany M-DAX 20601.06 20172.96 Kenya NSE 20 5362.43 Canada TecDAX 1631.54 1593.36 Kuwait KSX Market Index 6520.25 XETRA Dax 11805.99 11500.38 Latvia OMX Riga 415.66 Chile Greece Athens Gen 797.30 817.39 Lithuania OMX Vilnius 484.94 China FTSE/ASE 20 234.40 241.18 Luxembourg LuxX 1741.05 Hong Kong Hang Seng 23717.97 23896.98 Malaysia FTSE Bursa KLCI 1778.16 HS China Enterprise 11417.34 11507.63 Mexico IPC 43227.20 HSCC Red Chip 4408.54 4453.96 Morocco MASI 10513.78 Hungary Bux 18684.50 18441.47 Netherlands AEX 491.93 India BSE Sensex 28659.17 28709.87 AEX All Share 746.64 S&P CNX 500 7126.60 7141.70 New Zealand NZX 50 5861.98 Colombia Indonesia Jakarta Comp 5419.57 5462.93 Nigeria SE All Share 31355.28 Croatia Ireland ISEQ Overall 6018.45 5935.15 Norway Oslo All Share 652.02 Israel Tel Aviv 100 13.65 13.69 Pakistan KSE 100 32539.61 (c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive. 10131.91 5763.30 5793.20 3392.20 2505.96 3719.78 5482.73 48905.58 861.62 14739.20 655.69 18882.54 9197.09 10636.36 3448.22 297.90 3290.90 1765.79 1108.29 1249.94 1750.54

Country

Month 1.38%

Mar 10

Merval All Ordinaries S&P/ASX 200 S&P/ASX 200 Res ATX BEL 20 BEL Mid Bovespa S&P/TSX 60 S&P/TSX Comp S&P/TSX Met & Min IGPA Gen FTSE A200 FTSE B35 Shanghai A Shanghai B Shanghai Comp Shenzhen A Shenzhen B COLCAP CROBEX

Mar 10

Month 4.97%

Year 8.11%

FTSE MIB

Apple Medtronic Albertsons Llc Citigroup Intel Qualcomm Bank Of America Facebook Class A Emc Microsoft

stock traded m's 82.7 26.6 18.4 16.1 15.0 14.2 13.1 12.3 11.8 11.2

close price 122.24 106.71 35.10 52.33 32.33 70.27 16.11 77.57 25.72 41.98

Day's change -2.27 -1.36 -0.04 1.10 0.63 -1.62 0.32 0.02 -1.23 -0.05

Close price

Day's change

Day's chng%

59.00 12.18 7.91 27.92 14.29

3.70 0.58 0.37 1.02 0.45

6.68 5.00 4.91 3.79 3.25

37.55 25.72 96.98 196.67 39.48

-2.23 -1.23 -2.95 -5.88 -1.17

-5.61 -4.56 -2.95 -2.90 -2.88

BIGGEST MOVERS Ups Mylan N.v. Ordinary Shares Nabors Industries Denbury Resources Cabot Oil & Gas Chesapeake Energy Downs Tyson Foods Emc Pvh Whirlpool Gamestop Class A

Index

Cyprus Czech Republic Denmark Egypt Estonia Finland France

Index

Feb 12 - Mar 11 Kospi

All World

Seoul 1,980.83

1,935.86

17,711.93 Day 0.31%

Month 6.07%

Year 23.83%

Hang Seng

Day -0.20%

Hong Kong

Month 2.32%

Year 1.35%

FTSE Straits Times

Singapore

3,431.36

Day -0.75%

Milan

23,717.97 Year 6.53%

Month -3.30%

Shanghai Composite

Day 0.58%

Shanghai

20,725.63 Day 2.18% Country

Month 11.02% Index

Philippines Poland Portugal

Manila Comp Wig PSI 20 PSI General BET Index Micex Index RTX TADAWUL All Share Index FTSE Straits Times SAX SBI TOP FTSE/JSE All Share FTSE/JSE Res 20 FTSE/JSE Top 40 Kospi Kospi 200 IBEX 35 CSE All Share OMX Stockholm 30 OMX Stockholm AS SMI Index Weighted Pr

Romania Russia Saudi-Arabia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan

Year 9.60% Mar 11

Mar 10

7790.70 53041.44 5672.93 2519.59 7038.19 1671.47 847.98 9661.91 3435.66 237.30 807.37 51753.07 40766.10 45825.87 1980.83 252.16 11021.80 7110.19 1663.31 535.87 9106.23 9523.18

7828.48 52838.22 5552.82 2468.06 7072.45 1665.38 845.36 9612.71 3415.91 237.30 806.06 52088.54 41896.52 46148.91 1984.77 251.75 10902.20 7130.05 1641.71 529.35 9023.71 9536.53

3,378.59 Year 11.76%

Month 3.93%

BSE Sensex

Mumbai

3,290.90 28,717.91

Day 0.15% Country Thailand Turkey UAE UK

USA

Venezuela Vietnam

Month 4.75% Index Bangkok SET BIST 100 Abu Dhabi General Index FT 30 FTSE 100 FTSE 4Good UK FTSE All Share FTSE techMARK 100 DJ Composite DJ Industrial DJ Transport DJ Utilities Nasdaq 100 Nasdaq Cmp NYSE Comp Russell 2000 S&P 500 Wilshire 5000 IBC VNI

Year 64.62% Mar 11

Mar 10

1543.84 77977.48 4499.95 2932.10 6721.51 5989.99 3633.90 3805.60 6300.18 17635.39 8897.27 566.90 4305.38 4849.94 10678.80 1204.70 2040.24 21600.88 4255.20 586.54

1531.04 78850.54 4512.79 2917.90 6702.84 5967.61 3624.77 3758.58 6289.71 17662.94 8798.35 569.76 4329.08 4859.79 10678.41 1213.05 2044.16 21616.91 4331.06 589.66

28,659.17

Day -0.18% Country

Month 1.07% Index DJ Global Titans ($) Euro Stoxx 50 (Eur) Euronext 100 ID FTSE 4Good Global ($) FTSE All World FTSE E300 FTSE Eurotop 100 FTSE Global 100 ($) FTSE Gold Min ($) FTSE Latibex Top (Eur) FTSE Multinationals ($) FTSE World ($) FTSEurofirst 100 (Eur) FTSEurofirst 80 (Eur) MSCI ACWI Fr ($) MSCI All World ($) MSCI Europe (Eur) MSCI Pacific ($) S&P Euro (Eur) S&P Europe 350 (Eur) S&P Global 1200 ($) Stoxx 50 (Eur)

Cross-Border

Year 30.66% Mar 11

Mar 10

233.98 3649.54 984.15 5533.98 274.78 1574.45 3146.15 1313.60 1115.14 3337.90 1528.37 485.32 4550.66 4879.11 417.18 1712.55 1517.67 2398.51 1599.21 1615.48 1892.88 3406.63

234.95 3567.25 962.90 5551.88 275.06 1551.85 3103.77 1317.58 1097.80 3314.70 1556.30 485.67 4484.47 4768.89 424.29 1741.84 1497.92 2409.61 1563.98 1591.74 1894.85 3359.83

UK MARKET WINNERS AND LOSERS

LONDON ACTIVE STOCKS

EURO MARKETS ACTIVE STOCKS

close price 3.02 45.46 30.25 88.70 89.84 6.12 6.41 231.30 1.12 89.27

Day's change 0.04 0.29 0.00 0.00 0.00 0.06 0.10 0.00 0.08 2.89

stock close traded m's price Toyota Motor 650.8 8158.00 Mitsubishi Ufj Fin,. 559.6 749.10 Softbank . 461.8 6918.00 Sumitomo Mitsui Fin,. 335.7 4682.00 Sony 292.7 3256.50 Fast Retailing Co., 271.3 44920.00 Mizuho Fin,. 260.5 217.50 Kddi 247.1 7861.00 Fanuc 234.6 23195.00 Mitsui Fudosan Co., 220.4 3298.00

Day's change -20.00 -6.80 -20.00 -17.00 11.50 500.00 -0.10 10.00 465.00 9.00

BIGGEST MOVERS

Close price

Day's change

Day's chng%

BIGGEST MOVERS

1.12 99.93 0.90 23.86 7.51

0.08 6.82 0.05 1.26 0.39

7.70 7.32 6.31 5.58 5.49

1.11 0.30 37.17 0.40 8.99

-0.09 -0.02 -1.09 -0.01 -0.13

-7.50 -5.00 -2.84 -1.96 -1.39

close price 285.65 561.80 840.00 2844.00 217.20 1472.00 425.15 1519.00 78.16 1936.00

Day's change -1.75 1.90 -11.20 14.00 1.65 1.00 -2.95 -4.50 -0.59 -0.50

Ups Domino Printing Sciences Domino's Pizza Greggs Pace Aggreko

Close price

Day's change

Day's chng%

941.00 775.00 1013.00 380.60 1572.00

220.00 43.00 46.00 15.50 57.00

30.51 5.87 4.76 4.25 3.76

Ups Telecom Italia Altice Telecom Italia R Skf , Ab Ser. B Aegon

Downs Brown (n) Cairn Energy Ip Hunting Daejan Holdings

338.90 155.00 221.80 466.60 5560.00

-69.70 -28.40 -12.60 -21.40 -235.00

-17.06 -15.49 -5.38 -4.39 -4.06

Downs National Bank (cr) Alpha Bank (cr) Hennes & Mauritz Ab , H & M Ser. B Piraeus Bank (cr) Seadrill

BIGGEST MOVERS

Based on the constituents of the FTSE 350 index

TOKYO ACTIVE STOCKS

stock traded m's Intesa Sanpaolo 444.8 Total 431.5 Deutsche Post Ag Na O.n. 414.2 Daimler Ag Na O.n. 413.4 Novartis N 411.8 Unicredit 382.2 Santander 362.0 Volkswagen Ag Vzo O.n. 360.6 Telecom Italia 351.1 Sanofi 336.9

stock traded m's 183.1 178.9 135.5 129.1 128.6 125.9 124.9 117.9 111.9 110.7

Glencore Hsbc Holdings Bg Rio Tinto Vodafone Bhp Billiton Bp Glaxosmithkline Lloyds Banking Royal Dutch Shell

Based on the constituents of the S&P500 and the Nasdaq 100 index

-1.03%

18,723.52

22,833.04

STOCK MARKET: BIGGEST MOVERS AMERICA ACTIVE STOCKS

All World

Tokyo

3,204.91 4,695.65 Day 2.37%

Mar 11

Argentina Australia

Mar 11

48,905.58

48,510.28

-0.90%

24,679.39

4,997.75 17,729.21

-0.282%

Gold $

11,021.80 10,500.10

1,488.39

Day 0.59%

Oil Brent $ Sep

Index

Feb 12 - Mar 11 Nikkei 225

Madrid

1,574.45 4,726.01

0.223%

£ per €

ASIA Index

Feb 12 - Mar 11 FTSE 100

Day 0.28%

¥ per $

Based on the constituents of the FTSEurofirst 300 Eurozone index

Ups Sojitz Chiyoda Shionogi & Co., Eisai Co., Ajinomoto Co.,.

Close price

Day's change

Day's chng%

192.00 1046.00 3895.00 7112.00 2570.50

11.00 54.00 115.00 200.00 67.50

6.08 5.44 3.04 2.89 2.70

Downs Uny Co., Mitsubishi Materials Inpex Nippon Express Co., Mazda Motor

711.00 396.00 1371.00 655.00 2426.50

-21.00 -11.00 -32.50 -15.00 -53.50

-2.87 -2.70 -2.32 -2.24 -2.16

Based on the constituents of the Nikkei 225 index

FTSE 100 Winners Standard Life Weir Itv Legal & General Schroders Royal Mail London Stock Exchange Aviva Friends Life Rolls-royce Holdings Morrison (wm) Supermarkets Wolseley

Mar 11 price(p)

%Chg week

%Chg ytd

453.40 1811.00 247.10 283.30 3128.00 437.60 2468.00 547.00 417.50 976.00 206.50 4036.00

7.1 7.0 5.4 4.8 3.1 2.9 2.8 2.8 2.8 2.7 1.8 1.7

13.3 -2.2 14.8 14.0 16.5 1.8 11.1 12.9 14.0 12.2 12.1 9.5

FTSE 250 Winners Domino Printing Sciences Betfair Thomas Cook Ocado Nmc Health Ao World Jardine Lloyd Thompson Spirax-sarco Eng Alent Fisher (james) & Sons Premier Farnell Pace

Losers Tullow Oil Fresnillo Bg Rio Tinto Anglo American Bhp Billiton Coca-cola Hbc Ag Bp Antofagasta Royal Dutch Shell Royal Dutch Shell Land Securities

318.60 650.00 840.00 2844.00 1085.50 1472.00 1089.00 425.15 699.00 2031.50 1936.00 1211.00

-11.5 -10.3 -9.9 -7.5 -7.0 -6.5 -6.1 -5.7 -5.6 -5.3 -5.3 -5.2

-23.0 -15.1 -2.9 -5.2 -9.6 6.0 -11.3 3.4 -7.1 -9.0 -10.1 4.7

Losers Brown (n) Lonmin Cairn Energy Kaz Minerals Just Retirement Centamin Acacia Mining Supergroup Vedanta Resources Blackrock World Mining Trust Ip Petra Diamonds

Mar 11 price(p)

%Chg week

%Chg ytd

941.00 2128.00 141.40 380.40 640.00 192.30 996.00 3300.00 399.10 1368.00 190.90 380.60

26.0 19.1 18.0 8.0 7.9 7.7 7.2 7.1 6.8 6.5 6.3 5.8

42.6 35.4 10.6 -4.9 39.1 -31.4 11.2 14.7 24.3 14.1 8.5 9.7

FTSE SmallCap Winners Ite Hill & Smith Holdings Marshalls Dialight Avon Rubber Management Consulting Kenmare Resources Lookers Fidelity Japanese Values Mccoll's Retail Pendragon Partnership Assurance

338.90 110.80 155.00 204.50 153.80 54.70 239.30 860.00 521.00 289.50 221.80 171.20

-22.4 -22.0 -19.2 -15.1 -12.1 -9.7 -9.7 -9.6 -9.5 -9.5 -9.2 -8.7

-11.6 -37.7 -13.2 -20.7 3.9 -7.1 -6.3 -3.4 -9.3 -6.7 8.2 -11.8

Losers Hardy Oil & Gas Hochschild Mining Communisis Development Securities Mckay Securities Fenner Enquest Anglo Pacific Aquarius Platinum Ld Innovation Flybe Consort Medical

Mar 11 price(p)

%Chg week

%Chg ytd

196.75 648.00 258.75 750.00 758.50 16.00 4.25 158.25 79.00 170.25 41.00 143.50

15.1 11.0 8.5 7.4 6.7 6.7 6.5 5.5 4.6 4.5 4.5 4.4

23.0 11.7 10.6 -7.4 -0.8 0.8 31.2 21.7 9.7 -5.4 26.2 2.9

Mar 11 Industry Sectors price(p) Winners Industrial Engineering 9360.61 Life Insurance 8447.67 Electronic & Electrical Equip. 4229.74 Industrial Transportation 2816.66 Aerospace & Defense 5237.25 Forestry & Paper 14347.45 Automobiles & Parts 8365.60 Technology Hardware & Equip. 1376.41 Media 7335.76 Nonlife Insurance 2066.29 General Industrials 4405.75 Travel & Leisure 8544.57

28.25 63.50 54.75 227.00 232.00 200.50 36.75 83.50 9.92 26.50 57.75 836.00

-28.0 -22.3 -10.2 -9.9 -9.0 -8.9 -8.7 -8.5 -7.7 -7.0 -6.5 -5.9

-55.2 -27.8 9.8 2.3 -2.5 -7.3 3.5 -16.5 -32.7 -11.7 -48.0 -3.4

Losers Oil & Gas Producers Mining Tobacco Electricity Real Estate Investment Trusts Mobile Telecommunications Industrial Metals Beverages Banks Construction & Materials Fixed Line Telecommunication Household Goods

%Chg week

%Chg ytd

2.8 1.9 1.1 0.9 0.7 0.6 0.5 0.3 0.1 -0.2 -0.5 -0.8

5.7 11.9 4.6 -0.4 10.0 26.7 3.8 15.6 12.1 6.7 12.9 5.8

-6.3 -5.2 -4.8 -4.6 -4.2 -4.1 -4.0 -3.9 -3.1 -3.1 -2.7 -2.7

-5.5 -3.2 5.0 -9.9 5.4 -1.7 19.2 2.2 -2.4 12.2 10.5 8.5

6752.30 13820.07 42727.18 8851.91 3222.28 4941.65 1820.04 14474.34 4270.76 4641.02 5058.03 13894.93

Based on last week's performance. †Price at suspension.

CURRENCIES Mar 11 Argentina Australia Bahrain Bolivia Brazil Canada Chile China Colombia Costa Rica Czech Republic Denmark Egypt Hong Kong Hungary India

Currency Argentine Peso Australian Dollar Bahrainin Dinar Bolivian Boliviano Brazilian Real Canadian Dollar Chilean Peso Chinese Yuan Colombian Peso Costa Rican Colon Czech Koruna Danish Krone Egyptian Pound Hong Kong Dollar Hungarian Forint Indian Rupee

DOLLAR Closing Mid 8.7764 1.3190 0.3770 6.9100 3.0911 1.2763 637.2500 6.2623 2631.3200 534.5750 25.7856 7.0516 7.6301 7.7648 287.2205 62.8150

Day's Change 0.0056 0.0097 -0.0380 0.0130 2.4650 0.0003 10.9200 -0.0750 0.3127 0.0917 0.0043 -0.2369 0.1410

EURO POUND Closing Day's Closing Day's Mid Change Mid Change 9.2816 -0.1099 13.1172 -0.1118 1.3949 -0.0071 1.9714 -0.0035 0.3987 -0.0050 0.5635 -0.0052 7.3077 -0.0912 10.3276 -0.0947 3.2689 -0.0814 4.6199 -0.0996 1.3497 -0.0030 1.9075 0.0020 673.9250 -5.7746 952.4273 -5.0162 6.6227 -0.0824 9.3596 -0.0854 2782.7581 -23.0497 3932.7438 -19.5942 565.3409 -7.1386 798.9703 -7.4400 27.2696 -0.0056 38.5388 0.1183 7.4575 0.0051 10.5393 0.0417 8.0692 -0.1007 11.4038 -0.1046 8.2117 -0.0979 11.6052 -0.0999 303.7506 -4.0460 429.2768 -4.2940 66.4301 -0.6784 93.8826 -0.6482

Mar 11 Indonesia Iran Israel Japan ..One Month ..Three Month ..One Year Kenya Kuwait Malaysia Mexico New Zealand Nigeria Norway Pakistan Peru

Currency Indonesian Rupiah Iranian Rial Israeli Shekel Japanese Yen

Kenyan Shilling Kuwaiti Dinar Malaysian Ringgit Mexican Peson New Zealand Dollar Nigerian Naira Norwegian Krone Pakistani Rupee Peruvian Nuevo Sol

DOLLAR Closing Mid 13190.5000 6.0000 4.0361 121.4950 121.4949 121.4949 121.4940 91.7500 0.2997 3.6970 15.4580 1.3858 199.5000 8.1914 101.7250 3.0995

Day's Change 99.0000 -0.0086 0.2700 0.2699 0.2697 0.2680 0.2000 0.0009 -0.0065 -0.1263 0.0107 0.0907 0.0300 -0.0005

EURO POUND Closing Day's Closing Day's Mid Change Mid Change 13949.6474 -68.1665 19714.4170 -31.4537 6.3453 -0.0792 8.9675 -0.0822 4.2684 -0.0625 6.0324 -0.0683 128.4873 -1.3151 181.5852 -1.2580 128.4873 -1.3151 181.5850 -1.2582 128.4873 -1.3151 181.5848 -1.2586 128.4873 -1.3150 181.5850 -1.2597 97.0304 -0.9973 137.1286 -0.9559 0.3169 -0.0030 0.4479 -0.0027 3.9098 -0.0558 5.5255 -0.0605 16.3476 -0.3393 23.1034 -0.4023 1.4656 -0.0069 2.0712 -0.0029 210.9816 -2.6341 298.1706 -2.7344 8.6629 -0.0111 12.2429 0.0245 107.5795 -1.3110 152.0371 -1.3490 3.2779 -0.0415 4.6325 -0.0432

Mar 11 Currency Philippines Philippine Peso Poland Polish Zloty Romania Romanian Leu Russia Russian Ruble Saudi Arabia Saudi Riyal Singapore Singapore Dollar South Africa South African Rand South Korea South Korean Won Sweden Swedish Krona Switzerland Swiss Franc Taiwan New Taiwan Dollar Thailand Thai Baht Tunisia Tunisian Dinar Turkey Turkish Lira United Arab Emirates UAE Dirham United Kingdom Pound Sterling

DOLLAR Closing Mid 44.3375 3.9067 4.2029 62.1358 3.7505 1.3865 12.2780 1126.5000 8.6264 1.0073 31.6460 32.9250 2.0027 2.6082 3.6731 0.6691

Day's Change 0.0775 0.0183 0.0512 -0.1345 0.0002 -0.0017 -0.0595 3.8500 0.0724 0.0077 0.1090 0.2300 0.0108 -0.0292 0.0000 0.0061

EURO POUND Closing Day's Closing Day's Mid Change Mid Change 46.8892 -0.5024 66.2664 -0.4908 4.1315 -0.0320 5.8388 -0.0259 4.4447 -0.0007 6.2815 0.0195 65.7118 -0.9644 92.8674 -1.0545 3.9663 -0.0493 5.6055 -0.0511 1.4663 -0.0201 2.0722 -0.0215 12.9846 -0.2258 18.3506 -0.2580 1191.3324 -10.7514 1683.6553 -9.6330 9.1229 -0.0364 12.8930 -0.0090 1.0653 -0.0051 1.5055 -0.0022 33.4673 -0.3011 47.2978 -0.2693 34.8199 -0.1885 49.2094 -0.1044 2.1179 -0.0149 2.9931 -0.0112 2.7583 -0.0657 3.8982 -0.0797 3.8844 -0.0484 5.4897 -0.0503 0.7076 -0.0023 -

Mar 11 ..One Month ..Three Month ..One Year United States ..One Month ..Three Month ..One Year Venezuela Vietnam European Union ..One Month ..Three Month ..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte Vietnamese Dong Euro

DOLLAR Closing Mid 0.6691 0.6690 0.6690 6.2925 21355.0000 0.9456 0.9455 0.9455 0.9447

Day's Change 0.0061 0.0061 0.0061 0.0025 -5.0000 0.0117 0.0117 0.0117 0.0117

EURO POUND Closing Day's Closing Day's Mid Change Mid Change 0.7075 -0.0023 0.7075 -0.0023 0.7069 -0.0023 1.0576 -0.0132 1.4946 -0.0137 1.0575 -0.4507 1.4946 -0.0137 1.0574 -0.4507 1.4945 -0.0137 1.0567 -0.4507 1.4945 -0.0137 6.6546 -0.0804 9.4047 -0.0825 22584.0692 -287.2931 31916.9648 -300.2566 1.4133 0.0046 1.4132 0.0046 1.4131 0.0046 1.4126 0.0046

Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

£ Strlg Day's Euro £ Strlg £ Strlg Year Div Mar 11 chge% Index Mar 10 Mar 09 ago yield% Cover FTSE 100 (100) 6721.51 0.28 7396.71 6702.84 6876.47 6620.90 3.54 1.80 FTSE 250 (250) 16948.85 0.16 18651.41 16922.49 17167.07 16326.70 2.54 2.13 FTSE 250 ex Inv Co (212) 18380.01 0.17 20226.33 18348.36 18615.48 17834.14 2.57 2.27 FTSE 350 (350) 3697.54 0.26 4068.97 3688.01 3776.66 3628.95 3.37 1.84 FTSE 350 ex Investment Trusts (312) 3677.04 0.26 4046.41 3667.39 3756.35 3613.66 3.40 1.86 FTSE 350 Higher Yield (96) 3529.09 0.14 3883.60 3524.05 3616.17 3625.08 4.78 1.59 FTSE 350 Lower Yield (254) 3505.38 0.38 3857.51 3492.26 3568.73 3275.42 1.95 2.48 FTSE SmallCap (289) 4515.32 0.06 4968.89 4512.75 4553.80 4550.50 2.48 1.51 FTSE SmallCap ex Inv Co (149) 3969.93 -0.14 4368.72 3975.49 4013.75 4205.40 2.33 2.08 FTSE All-Share (639) 3633.90 0.25 3998.93 3624.77 3710.08 3569.10 3.34 1.84 FTSE All-Share ex Inv Co (461) 3600.33 0.26 3962.00 3591.15 3677.29 3542.59 3.38 1.86 FTSE All-Share ex Multinationals (573) 1187.52 0.30 1083.10 1183.97 1205.31 1163.97 2.76 2.21 FTSE Fledgling (97) 7153.98 -0.15 7872.61 7164.65 7195.77 6880.30 2.21 1.67 FTSE Fledgling ex Inv Co (54) 8987.69 -0.33 9890.53 9017.21 9050.52 8529.74 1.55 3.51 FTSE All-Small (386) 3123.03 0.05 3436.75 3121.58 3149.24 3138.71 2.46 1.52 FTSE All-Small ex Inv Co Index (203) 2947.63 -0.15 3243.73 2952.02 2979.61 3101.35 2.29 2.12 FTSE AIM All-Share Index (835) 711.59 -0.01 783.07 711.63 715.94 887.24 1.33 1.48 FTSE Sector Indices Oil & Gas (20) 7169.36 Oil & Gas Producers (13) 6794.52 Oil Equipment Services & Distribution (7)17825.25 Basic Materials (29) 4638.16 12046.90 Chemicals (7) Forestry & Paper (1) 15655.70 Industrial Metals & Mining (2) 1845.20 Mining (19) 13219.87 Industrials (114) 4625.95 Construction & Materials (13) 4798.58 Aerospace & Defense (9) 5423.45 General Industrials (6) 3578.04 Electronic & Electrical Equipment (12) 5375.10 Industrial Engineering (14) 9730.91 Industrial Transportation (8) 4159.18 Support Services (52) 6719.42 16978.93 Consumer Goods (40) Automobiles & Parts (1) 8408.47 Beverages (6) 14510.99 Food Producers (10) 8013.38 Household Goods & Home Construction (13)11598.24 Leisure Goods (2) 5110.57 Personal Goods (6) 23238.64 Tobacco (2) 42727.25 Health Care (20) 9747.85 Health Care Equipment & Services (9) 6667.43 Pharmaceuticals & Biotechnology (11)13314.15 Consumer Services (95) 4953.61 Food & Drug Retailers (7) 3446.96 General Retailers (30) 2967.06 Media (23) 7438.50 Travel & Leisure (35) 8332.84 Telecommunications (8) 3838.42 Fixed Line Telecommunications (6) 5128.28 Mobile Telecommunications (2) 4934.17 Utilities (8) 8068.05 Electricity (3) 8827.19 Gas Water & Multiutilities (5) 7446.34 Financials (283) 4797.64 Banks (7) 4216.94 Nonlife Insurance (12) 2373.83 Life Insurance/Assurance (12) 8564.98 Index- Real Estate Investment & Services (25) 2875.48 Real Estate Investment Trusts (20) 2904.36 General Financial (29) 7967.47 Equity Investment Instruments (178) 7701.47 Non Financials (356) 4210.32 Technology (22) 1366.00 Software & Computer Services (14) 1422.59 Technology Hardware & Equipment (8) 1751.96

-0.58 -0.57 -0.85 0.06 -0.39 1.76 0.92 0.04 0.90 1.73 0.39 0.81 3.18 0.84 1.37 0.74 -0.04 1.65 -0.43 0.47 0.37 -0.29 0.94 -0.57 0.33 0.27 0.33 0.44 0.48 -0.06 0.56 0.62 0.82 0.75 0.87 0.50 0.44 0.52 0.29 0.13 0.64 0.69 -0.44 -0.05 0.65 0.14 0.24 1.01 0.29 1.46

7889.54 7477.05 19615.85 5104.08 13257.05 17228.36 2030.56 14547.85 5090.64 5280.61 5968.25 3937.47 5915.04 10708.41 4576.98 7394.40 18684.51 9253.12 15968.66 8818.34 12763.32 5623.94 25573.03 47019.33 10727.05 7337.19 14651.60 5451.21 3793.22 3265.11 8185.71 9169.89 4224.00 5643.43 5429.82 8878.51 9713.90 8194.34 5279.58 4640.54 2612.29 9425.36 3164.33 3196.11 8767.82 8475.10 4633.26 1503.22 1565.50 1927.94

7210.98 6833.24 17978.77 4635.21 12093.76 15385.37 1828.31 13213.95 4584.80 4717.11 5402.31 3549.13 5209.22 9649.77 4103.09 6670.22 16985.05 8272.16 14573.78 7975.93 11555.25 5125.62 23021.31 42974.06 9716.16 6649.55 13270.20 4931.75 3430.62 2968.88 7397.41 8281.65 3807.09 5090.12 4891.52 8027.79 8788.47 7407.92 4783.81 4211.53 2358.85 8506.27 2888.13 2905.79 7916.12 7690.33 4200.29 1352.36 1418.54 1726.68

7573.87 7180.47 18654.61 4803.35 12280.76 15749.73 1878.67 13733.52 4657.30 4796.12 5466.44 3620.59 5282.87 9830.65 4123.54 6784.65 17398.30 8431.97 15009.12 8166.40 11785.47 5175.43 23316.03 44172.39 9862.69 6726.09 13474.48 5006.26 3499.51 3004.91 7520.79 8394.36 3879.77 5208.53 4971.24 8252.37 9070.61 7606.55 4869.20 4291.56 2402.16 8688.45 2898.83 2955.02 8068.64 7778.21 4307.41 1374.54 1435.27 1760.00

8539.61 8053.03 24155.11 5265.28 11225.18 12952.39 901.96 15560.35 4535.34 4775.61 4911.21 3473.94 5514.78 10824.97 4960.30 6537.95 14946.86 8925.48 13332.55 7334.09 9639.12 5140.38 20844.92 36799.72 8949.08 5292.85 12360.02 4629.77 4308.29 2876.98 6212.17 7370.02 3802.57 4708.34 5123.22 8477.10 9431.15 7784.40 4532.83 4356.76 2138.69 7440.79 2855.19 2429.05 6768.11 7191.04 4190.02 1209.47 1314.47 1507.88

P/E ratio 15.67 18.47 17.17 16.07 15.87 13.15 20.74 26.67 20.64 16.29 15.94 16.38 27.08 18.34 26.69 20.52 50.86

X/D adj 49.88 32.23 32.40 24.11 24.27 37.52 8.25 19.81 12.69 23.44 23.54 2.83 23.81 14.41 13.54 9.22 1.00

Total Return 5111.00 11519.96 12734.43 5672.96 2904.31 5495.38 3643.38 6046.31 5578.23 5641.01 2891.07 1973.27 12639.48 15427.14 5370.53 5248.48 756.99

4.96 1.95 10.35 5.00 1.94 10.31 3.97 2.16 11.66 4.02 2.54 9.81 2.15 2.51 18.54 2.42 3.25 12.67 0.54 13.29 13.94 4.33 2.51 9.19 2.37 1.60 26.35 2.98 0.25 135.25 2.01 1.31 38.08 3.17 1.78 17.78 2.13 2.16 21.77 2.47 2.13 18.99 3.64 1.50 18.38 2.24 1.89 23.62 2.93 1.74 19.58 2.26 1.82 24.28 2.42 1.72 24.02 2.00 1.78 28.19 2.27 2.48 17.82 3.90 1.12 22.85 2.86 2.70 12.98 4.04 1.18 20.98 3.51 0.75 37.83 1.33 2.57 29.24 3.70 0.70 38.83 2.49 2.06 19.52 4.67 2.09 10.24 2.22 2.33 19.36 2.57 1.73 22.47 1.78 2.24 25.02 4.06 2.53 9.74 2.69 1.88 19.80 4.98 2.76 7.27 5.30 1.10 17.15 5.69 0.94 18.62 5.20 1.15 16.78 3.12 1.96 16.36 3.66 1.47 18.57 2.92 1.74 19.67 2.98 1.83 18.33 1.73 5.17 11.20 2.86 6.16 5.68 2.77 2.12 17.07 2.47 1.05 38.60 3.42 1.80 16.26 1.22 2.34 35.03 1.98 1.97 25.61 0.75 2.93 45.44

86.14 84.77 0.00 32.10 22.65 0.00 0.00 103.78 9.56 65.77 1.41 0.00 11.78 8.25 0.00 8.42 91.94 0.00 92.30 3.84 1.00 57.81 141.74 377.80 143.24 1.43 212.54 11.67 0.00 3.28 1.11 48.64 0.00 0.00 0.00 32.81 142.09 5.10 33.44 58.63 12.20 0.20 8.28 7.49 17.82 31.69 26.40 4.71 11.79 0.72

5769.15 5654.25 12570.96 4367.68 10176.53 15910.07 1597.03 6488.33 4491.65 4851.16 5482.70 3768.31 4663.88 11103.72 3365.62 6590.88 11669.65 7538.62 9682.06 6578.73 7714.76 4184.58 14668.40 25100.48 6954.67 5569.95 8432.10 4378.75 3876.49 3178.69 4270.95 7482.33 3864.10 4320.96 4401.79 8222.18 11277.02 7612.25 4078.13 2830.57 3890.62 7594.00 7265.85 3341.73 8436.13 3962.16 5725.86 1689.53 1838.69 1994.32

8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Hourly movements FTSE 100 6731.90 6728.64 6720.66 6726.41 6701.32 6715.66 6709.77 6706.22 6710.36 6738.78 6693.85 FTSE 250 16951.97 16979.61 16988.37 16935.44 16839.37 16858.84 16822.68 16865.92 16920.24 16991.32 16818.88 FTSE SmallCap 4513.81 4517.66 4515.76 4512.04 4508.56 4509.31 4510.82 4510.36 4515.00 4520.06 4507.66 FTSE All-Share 3638.50 3638.11 3634.87 3635.50 3621.18 3628.13 3624.36 3624.28 3628.04 3642.41 3618.11 Time of FTSE 100 Day's high:08:37:00 Day's Low14:44:15 FTSE 100 2010/11 High: 6961.14(05/03/2015) Low: 6366.51(06/01/2015) Time of FTSE All-Share Day's high:08:37:00 Day's Low14:45:00 FTSE 100 2010/11 High: 3752.00(05/03/2015) Low: 3434.73(06/01/2015) Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown. For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS Issue price 5p

Amount paid up Nil

Latest renun. date 13-03-15

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Mar 11 Mar 10 Mar 09 Mar 06 Mar 05 Yr Ago High Low Year to date percentage changes FT 30 2932.10 2917.90 2982.20 3004.40 3016.50 0.00 3019.90 2669.30 Forestry & Paper 28.29 FT 30 Div Yield 1.73 1.74 1.70 1.69 1.68 0.00 3.93 2.74 Industrial Metals & 23.45 P/E Ratio net 25.78 25.68 26.29 26.46 26.58 0.00 19.44 14.26 Food & Drug Retailer 18.84 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Tech Hardware & Eq 16.52 FT 30 hourly changes Construct & Material 14.96 8 9 10 11 12 13 14 15 16 High Low Life Insurance 13.57 2917.9 2931.5 2928.5 2933.1 2921.5 2924.8 2924.8 2925.6 2927.7 2935.3 2917.9 Fixed Line Telecomms 13.57 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Media 13.20 Technology 12.22 Financial Services 11.58 Aerospace & Defense 10.72 Tobacco 10.55 Mar 10 Mar 09 Mnth Ago Mar 11 Mar 10 Mnth Ago Household Goods & Ho 10.44 Australia 96.37 96.98 96.52 Sweden 79.29 79.15 77.73 Personal Goods 10.29 Canada 93.23 93.38 93.89 Switzerland 160.15 160.58 165.55 Oil Equipment & Serv 10.05 Denmark 104.71 105.05 106.32 UK 91.93 91.20 89.63 Real Est Invest & Se 9.89 Japan 127.20 126.63 127.28 USA 104.12 103.56 100.95 Consumer Services 9.86 New Zealand 122.63 123.55 122.33 Euro 84.19 84.99 87.21 Norway 91.30 92.35 93.74 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Industrials Real Est Invest & Tr Consumer Goods Support Services Nonlife Insurance Pharmace & Biotech FTSE 250 Index Travel & Leisure Health Care Beverages Software & Comp Serv Industrial Eng NON FINANCIALS Index FTSE All{HY-}Share Index Financials FTSE 100 Index Automobiles & Parts General Retailers

Low 4.98

Stock Petropavlovsk PLC

closing Price p 5.02

+or0.00

Telecommunications Electronic & Elec Eq FTSE SmallCap Index Equity Invest Instr Leisure Goods Chemicals Basic Materials Food Producers Oil & Gas Oil & Gas Producers Mining Banks Health Care Eq & Srv Industrial Transport Mobile Telecomms Gas Water & Multi Utilities Electricity

4.72 4.39 4.20 3.73 2.99 2.19 1.19 0.66 0.63 0.30 0.11 -0.21 -0.40 -0.41 -0.55 -6.54 -6.72 -7.34

FTSE GLOBAL EQUITY INDEX SERIES Mar 11 Regions & countries FTSE Global All Cap FTSE Global All Cap FTSE Global Large Cap FTSE Global Mid Cap FTSE Global Small Cap FTSE All-World FTSE World FTSE Global All Cap ex UNITED KINGDOM In FTSE Global All Cap ex USA FTSE Global All Cap ex JAPAN FTSE Developed FTSE Developed All Cap FTSE Developed Large Cap FTSE Developed Europe Large Cap FTSE Developed Europe Mid Cap FTSE Dev Europe Small Cap FTSE North America Large Cap FTSE North America Mid Cap FTSE North America Small Cap FTSE North America FTSE Developed ex North America FTSE Japan Large Cap FTSE Japan Mid Cap FTSE Global wi JAPAN Small Cap FTSE Japan FTSE Asia Pacific Large Cap ex Japan FTSE Asia Pacific Mid Cap ex Japan FTSE Asia Pacific Small Cap ex Japan FTSE Asia Pacific Ex Japan FTSE Emerging All Cap FTSE Emerging Large Cap FTSE Emerging Mid Cap FTSE Emerging Small Cap FTSE Emerging Europe FTSE Latin America All Cap FTSE Middle East and Africa All Cap FTSE Global wi UNITED KINGDOM All Cap In FTSE Global wi USA All Cap FTSE Europe All Cap FTSE Eurobloc All Cap FTSE RAFI All World 3000 FTSE RAFI US 1000 FTSE EDHEC-Risk Efficient All-World FTSE EDHEC-Risk Efficient Developed Europe

No of stocks 7560 6922 1357 1670 4533 3027 2543 7222 5587 6318 2115 5656 905 202 319 721 332 399 1487 731 1384 174 301 767 475 481 444 1329 925 1904 452 460 992 86 245 212 338 1973 1389 638 3020 1025 3027 521

US $ indices 470.58 483.72 415.53 626.31 661.82 274.78 485.32 482.55 449.93 481.75 438.89 461.10 405.97 354.76 512.27 703.07 438.72 679.70 697.20 295.61 237.97 325.24 465.42 489.60 134.02 618.34 823.26 543.42 488.57 680.26 644.58 841.41 711.66 309.32 788.52 760.10 354.10 507.58 401.47 376.96 5840.98 9119.93 322.62 281.05

Day % -0.1 -0.2 -0.1 0.1 0.2 -0.1 -0.1 0.0 -0.1 -0.1 -0.1 -0.1 -0.2 0.2 0.4 -0.2 -0.2 0.1 0.5 -0.2 0.0 -0.2 -0.1 -0.1 -0.2 -0.6 -0.9 -0.9 -0.7 -0.1 0.0 -0.2 -0.6 0.1 1.8 0.6 -0.6 -0.1 0.2 0.9 0.0 0.0 -0.1 0.1

Mth % -0.6 -0.7 -0.9 0.1 0.6 -0.7 -0.7 -0.4 -0.1 -1.1 -0.6 -0.4 -0.7 -0.9 -0.1 0.4 -1.5 -0.8 0.5 -1.4 0.7 5.9 7.1 4.4 6.1 -1.5 0.0 0.0 -1.3 -1.9 -2.2 -1.9 0.7 -2.7 -4.4 -3.2 -3.0 -1.0 -0.7 1.2 -1.0 -1.9 -0.7 -1.0

YTD Total % retn 0.1 630.92 -0.1 637.61 -0.3 569.19 1.4 804.22 1.4 825.44 0.0 388.50 -0.1 921.52 0.3 638.44 0.6 637.02 -0.4 651.48 0.1 592.94 0.3 616.53 -0.2 555.49 0.3 543.75 2.4 717.38 2.1 959.75 -1.4 567.51 0.2 827.96 1.2 825.83 -1.1 392.16 2.0 361.46 6.6 399.04 9.5 553.73 4.4 600.16 7.2 184.91 0.4 899.86 2.1 1159.76 1.7 754.91 0.6 756.05 -1.3 944.40 -1.4 899.98 -2.3 1164.59 0.6 953.11 -0.8 435.77 -12.5 1137.73 -1.2 1105.47 -1.4 543.52 -0.3 640.20 0.8 597.32 2.3 567.39 -0.8 7177.06 -1.9 11307.97 0.9 425.59 0.9 400.64

YTD Gr Div Mar 11 No of US $ Day Mth YTD Total YTD Gr Div % Yield Sectors stocks indices % % % retn % Yield 0.5 2.3 Oil & Gas 177 373.32 -0.2 -0.2 -6.2 553.95 -5.6 3.7 0.3 2.3 Oil & Gas Producers 121 339.51 -0.1 -0.1 -6.3 512.20 -5.7 3.8 0.1 2.5 Oil Equipment & Services 47 387.09 -0.5 -0.5 -6.6 525.41 -6.0 3.5 1.7 1.9 Basic Materials 271 438.39 -0.1 -0.1 0.7 626.71 1.1 2.8 1.7 1.8 Chemicals 116 655.97 0.3 0.3 5.2 943.15 5.4 2.2 0.4 2.4 Forestry & Paper 18 221.22 0.5 0.5 6.2 345.62 6.5 2.6 0.3 2.3 Industrial Metals & Mining 75 387.61 -0.2 -0.2 -6.0 555.97 -5.7 2.9 0.6 2.2 Mining 62 533.27 -1.3 -1.3 -6.4 755.85 -5.4 4.4 1.0 2.7 Industrials 534 318.02 0.1 0.1 1.1 433.97 1.4 2.1 0.0 2.4 Construction & Materials 114 439.95 0.3 0.3 2.0 627.83 2.2 2.0 0.5 2.3 Aerospace & Defense 29 522.04 0.3 0.3 5.0 707.21 5.4 1.9 0.7 2.2 General Industrials 56 216.17 0.1 0.1 -0.6 316.89 0.2 2.6 0.2 2.4 Electronic & Electrical Equipment 67 337.52 0.2 0.2 3.8 425.23 3.9 1.5 0.9 3.2 Industrial Engineering 103 618.70 0.0 0.0 0.0 828.33 0.3 2.1 2.5 2.3 Industrial Transportation 94 581.88 0.0 0.0 -2.5 792.74 -2.2 2.0 2.2 2.1 Support Services 71 278.04 0.0 0.0 2.0 364.98 2.2 1.9 -0.9 2.1 Consumer Goods 406 413.13 -0.1 -0.1 2.0 574.98 2.3 2.3 0.5 1.6 Automobiles & Parts 98 413.10 0.5 0.5 6.0 551.81 6.2 2.0 1.5 1.5 Beverages 48 540.99 -0.3 -0.3 0.6 762.98 0.9 2.4 -0.7 2.0 Food Producers 99 543.67 -0.4 -0.4 -1.5 779.98 -1.3 2.2 2.4 2.7 Household Goods & Home Construction 45 386.17 -0.3 -0.3 -2.5 535.64 -2.1 2.4 6.7 1.7 Leisure Goods 26 138.99 1.1 1.1 10.3 176.54 10.6 1.2 9.6 1.3 Personal Goods 77 597.57 0.1 0.1 2.5 796.52 2.8 1.9 4.5 1.5 Tobacco 13 1088.62 -1.4 -1.4 1.4 2046.31 1.8 4.1 162 451.68 -0.1 -0.1 4.0 621.20 4.6 1.8 7.2 1.6 Health Care 0.8 2.9 Health Care Equipment & Services 58 616.77 0.3 0.3 4.4 701.07 4.6 1.0 2.5 2.5 Pharmaceuticals & Biotechnology 104 346.85 -0.2 -0.2 3.9 495.04 4.6 2.0 2.0 2.6 Consumer Services 377 384.39 -0.3 -0.3 2.7 492.53 3.0 1.6 1.0 2.9 Food & Drug Retailers 55 312.76 -0.2 -0.2 4.0 416.32 4.2 2.0 -1.1 2.9 General Retailers 117 494.58 -0.3 -0.3 3.4 619.51 3.8 1.5 -1.2 3.0 Media 88 305.42 -0.3 -0.3 1.6 391.46 1.8 1.5 -2.1 2.6 Travel & Leisure 117 368.13 -0.5 -0.5 2.2 476.54 2.6 1.7 0.8 2.6 Telecommunication 95 166.93 0.1 0.1 -0.1 283.49 0.4 3.9 -0.8 4.0 Fixed Line Telecommuniations 45 137.11 0.2 0.2 0.1 254.19 0.9 4.5 -12.0 3.8 Mobile Telecommunications 50 180.49 -0.1 -0.1 -0.2 278.62 -0.2 3.3 161 245.34 -0.4 -0.4 -8.2 435.24 -7.7 3.8 -0.9 2.6 Utilities 112 261.53 -0.3 -0.3 -7.8 460.05 -7.2 3.8 -0.8 3.4 Electricity 49 271.20 -0.6 -0.6 -8.9 491.56 -8.4 4.0 0.1 1.9 Gas Water & Multiutilities 667 211.26 0.2 0.2 -2.1 320.19 -1.7 2.7 1.2 2.9 Financials 242 193.91 0.1 0.1 -3.6 312.29 -3.1 3.1 2.5 2.6 Banks 69 211.91 0.3 0.3 -1.1 288.94 -0.8 2.0 -0.4 2.8 Nonlife Insurance 50 211.05 0.1 0.1 0.0 312.64 0.3 2.4 -1.4 2.3 Life Insurance 138 228.83 0.2 0.2 -1.2 299.83 -0.9 1.8 1.2 2.1 Financial Services 177 173.15 -0.6 -0.6 0.6 203.66 0.9 1.5 1.1 2.5 Technology Software & Computer Services 77 270.22 -0.3 -0.3 -0.5 307.40 -0.2 1.1 Technology Hardware & Equipment 100 142.08 -0.7 -0.7 1.5 171.05 1.8 1.9 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS High 5.02

9.05 9.03 8.77 8.21 8.21 7.58 7.38 6.98 6.90 6.88 5.99 5.92 5.61 5.55 5.38 5.27 5.06 4.97

FTSE 100 SUMMARY

Company Albion Development VCT Alkane Energy Brooks Macdonald Group Centaur Media Ceres Power Holdings Deltex Medical Group FDM Group (Holdings) Ferrexpo Foxtons Group Hikma Pharmaceuticals Michael Page International Modern Water Restore Servelec Group

FTSE 100

Closing Day's Price Change FTSE 100

3i Group PLC Aberdeen Asset Management PLC Admiral Group PLC Aggreko PLC Anglo American PLC Antofagasta PLC ARM Holdings PLC Ashtead Group PLC Associated British Foods PLC AstraZeneca PLC Aviva PLC Babcock International Group PLC BAE Systems PLC Barclays PLC Barratt Developments PLC BG Group PLC BHP Billiton PLC BP PLC British American Tobacco PLC British Land Company PLC British Sky Broadcasting Group PLC BT Group PLC Bunzl PLC Burberry Group PLC Capita PLC Carnival PLC Centrica PLC Coca-Cola HBC AG Compass Group PLC CRH PLC Diageo PLC Direct Line Insurance Group PLC Dixons Carphone PLC easyJet PLC Experian PLC Fresnillo PLC Friends Life Group Ltd G4S PLC GKN PLC GlaxoSmithKline PLC Glencore PLC Hammerson PLC Hargreaves Lansdown PLC HSBC Holdings PLC Imperial Tobacco Group PLC InterContinental Hotels Group PLC International Consolidated Airlines Group SA Intertek Group PLC Intu Properties PLC ITV PLC Johnson Matthey PLC

480.00 450.70 1475 1572 1085.5 699.00 1173 1116 2998 4304.5 547.00 939.50 536.00 255.00 513.50 840.00 1472 425.15 3627 808.00 984.50 446.50 1839 1850 1172 3030 238.90 1089 1139 1742 1849 330.00 435.70 1737 1139 650.00 417.50 288.90 357.80 1519 285.65 655.00 1116 561.80 3082 2613 562.00 2526 338.20 247.10 3253

1.70 9.60 26.00 57.00 4.00 -12.00 16.00 23.00 22.00 32.50 -2.00 -16.00 2.50 0.70 8.50 -11.20 1.00 -2.95 -25.50 -1.00 -1.00 3.50 8.00 34.00 18.00 18.00 3.40 -26.00 3.00 43.00 -5.50 -2.30 7.30 24.00 5.00 -7.00 -0.20 2.80 5.80 -4.50 -1.75 3.50 1.00 1.90 -9.00 -4.00 16.50 31.00 3.30 3.10 -45.00

Closing Day's Price Change

Kingfisher PLC Land Securities Group PLC Legal & General Group PLC Lloyds Banking Group PLC London Stock Exchange Group PLC Marks and Spencer Group PLC Meggitt PLC Mondi PLC Morrison (Wm) Supermarkets PLC National Grid PLC Next PLC Old Mutual PLC Pearson PLC Persimmon PLC Prudential PLC Randgold Resources Ltd Reckitt Benckiser Group PLC Reed Elsevier PLC Rio Tinto PLC Rolls-Royce Holdings PLC Royal Bank Of Scotland Group PLC Royal Dutch Shell PLC (A) Royal Dutch Shell PLC (B) Royal Mail PLC RSA Insurance Group PLC SABMiller PLC Sage Group PLC Sainsbury (J) PLC Schroders PLC Severn Trent PLC Shire PLC Smith & Nephew PLC Smiths Group PLC Sports Direct International PLC SSE PLC St. James's Place PLC Standard Chartered PLC Standard Life PLC Taylor Wimpey PLC Tesco PLC Travis Perkins PLC Tui AG Tullow Oil PLC Unilever PLC United Utilities Group PLC Vodafone Group PLC Weir Group PLC Whitbread PLC Wolseley PLC WPP PLC

352.60 3.20 1211 -4.00 283.30 0.40 78.16 -0.59 2468 33.00 496.90 1.40 550.50 3.50 1332 23.00 206.50 1.40 853.40 1.80 7360 15.00 220.20 2.40 1451 8.00 1715 13.00 1634 22.00 4545 85.00 5715 10.00 1122 5.00 2844 14.00 976.00 3.00 360.10 0.30 1936 -0.50 2031.5 -6.00 437.60 15.20 416.10 6.90 3571 -15.50 476.30 -0.50 264.50 -1.40 3128 66.00 1961 1.00 5310 65.00 1120 7.00 1163 13.00 657.00 -13.00 1482 12.00 935.50 11.50 1024.5 6.00 453.40 2.30 146.40 0.60 235.45 0.15 1956 10.00 1152 7.00 318.60 -3.20 2823 24.00 895.50 6.50 217.20 1.65 1811 -14.00 5200 55.00 4036 53.00 1520 16.00

UK STOCK MARKET TRADING DATA Mar 11 Mar 10 Mar 09 Mar 06 Mar 05 Yr Ago SEAQ Bargains 4762.00 5086.00 3.00 3.00 3.00 4540.00 Order Book Turnover (m) 42.67 28.35 Order Book Bargains 932513.00 2550.00 2550.00 2550.00 823347.00 Order Book Shares Traded (m) 1385.00 1.00 1.00 1.00 1661.00 Total Equity Turnover (£m) 2345.35 3044.92 Total Mkt Bargains 1082745.00 2553.00 2553.00 2553.00 961667.00 Total Shares Traded (m) 3809.00 1.00 1.00 1.00 4312.00 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. (c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail [email protected]

Data provided by Morningstar | www.morningstar.co.uk

UK RECENT EQUITY ISSUES Pre Pre Int Pre Int Pre Pre Pre Pre Pre Pre Pre Pre Pre

Turnover 0.731 0.855 20.571 15.961 33.388 37.503 73.6 105.6 0.895 0.133 7.151 6.507 105.62 123.257 1388.285 1581.385 143.908 139.181 1365 1489 1046.887 1005.502 3.528 2.772 53.6 67.5 41.995 51.753

Pre-tax 0.438 0.448 2.655 3.21 4.926 4.483 11 11.3 3.753L 5.256L 2.217L 3.095L 19.892 18.97 254.282 305.392 38.948 42.148 298 362 64.057 80.361 4.766L 17.717L 5 6.1 10.908 10.59

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. For more information on dividend payments visit www.ft.com/marketsdata

EPS(p) 1 2.56 26.63 7.4 0.64L 1.5L 12.7 0.305 11.9 1.404 19.3 22.24L 6.4 12.7

1.1 2.4 32.69 6.8 0.62L 1.3L 13.7 0.448 12.2 1.076 13.8 6.18L 5.9 26.1

Div(p) 2.5 0.3 10 1.3 3.3 3.17 15 7.58 1.6 3

2.5 0.2 7 1.575 3.3 1.7 12.862 7.25 1.9 -

Pay day Sep 30 Jun 30 Apr 21 May 29 May 29 May 29 May 21 Jun 22 Jul 9 May 28

Total 5 0.3 29 1.3 6.6 4.94 22.2 11 2.4 4.5

5 0.2 24.778 2.425 5.4 3.47 20.5 10.5 2.567 1.5

Issue date 03/10 03/06 03/06 03/03

Issue price(p) 10.00 58.00 255.00 100.00

02/19 02/19 02/19 02/18 02/11 02/03

10.00 100.00 100.00 1.00 52.00 70.00

Sector AIM

AIM AIM

Stock code BILB DFS SEQI CHAL GVP NSF CBM PTSG AFG

Stock Gate Ventures PLC Bilby PLC DFS Furniture PLC Sequoia Economic Infrastructure Income Fund Ltd Challenger Acquisitions Ltd Gabelli Value Plus+ Trust PLC Non-Standard Finance PLC Cleantech Building Materials PLC Premier Technical Services Group PLC Aquatic Foods Group PLC

§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir For a full explanation of all the other symbols please refer to London Share Service notes.

Close price(p) 19.00 58.50 258.00 104.88

+/4.00 -2.00 -1.45 -0.50

High 19.00 65.00 270.00 106.00

Low 12.00 59.00 254.62 103.98

Mkt Cap (£m) 616.0 1714.7 0.0 15731.3

19.75 104.50 104.75 1.75 57.00 59.00

-0.25 0.00 1.00 0.00 0.00 -2.10

21.40 105.49 106.00 4.00 58.00 72.50

12.50 99.50 98.00 1.50 53.00 53.00

217.3 10565.1 11024.3 136.1 4945.2 6680.3

★★★

Thursday 12 March 2015

27

FINANCIAL TIMES

MARKET DATA FT500: THE WORLD'S LARGEST COMPANIES Stock Australia (A$) ANZ BHPBilltn♦ CmwBkAu♦ CSL NatAusBk Telstra♦ Wesfarmers♦ Westpc WoodsdPet♦ Woolworths Belgium (€) AnBshInBv Brazil (R$) Ambev♦ BncBrasil BncoDoBrasl Bradesco♦ Cielo ItauHldFin Petrobras Vale Canada (C$) Alimentation BCE BkMontrl BkNvaS Brookfield♦ CanadPcR CanImp CanNatRs CanNatRy♦ Enbridge GtWesLif♦ ImpOil Manulife♦ Potash RylBkC Suncor En♦ ThmReut♦ TntoDom TrnCan ValeantPh China (HK$) AgricBkCh Bk China BkofComm Ch Evrbrght Ch Yangtze RMB ChCommsCons ChConstBk China Vanke ChinaCitic ChinaLife ChinaMBank ChinaMob ChinaPcIns ChinaRailCons ChinaRailGp ChMinsheng ChMrchSecs RMB ChShenEgy ChShpbldng RMB ChStConEng RMB ChUncHK Daqin RMB GF Secs RMB HaitongSecs In&CmBkCh IndstrlBk RMB Kweichow RMB PetroChina PingAnIns PngAnBnk RMB SaicMtr RMB ShgPdgBk RMB Sinopec Denmark (kr) DanskeBk MollerMrsk NovoB Finland (€) Nokia SampoA France (€) Airbus Grpe AirLiquide AXA BNP Parib

52 Week High Low

Price Day Chg 35.22 30.33 90.52 92.49 37.56 6.22 43.55 37.50 34.41 29.35

-0.08 -1.58 -0.16 -1.03 -0.20 0.02 -0.05 -0.17 -0.48 -0.01

36.09 39.74 93.96 94.14 38.80 6.74 46.95 38.97 44.23 38.92

115.50

4.00

117.50

18.11 21.61 30.40 35.05 44.91 31.20 8.47 18.86

0.41 0.34 0.49 0.70 0.30 0.80 0.15 -0.24

18.88 38.19 35.98 41.30 47.10 38.74 23.50 34.44

46.53 53.38 75.66 62.74 67.65 236.82 92.58 36.81 85.73 58.17 35.12 46.75 21.28 41.56 75.98 36.02 50.43 53.53 53.53 247.51

0.16 0.14 0.59 0.12 0.35 4.48 0.60 0.42 2.20 0.60 0.42 0.70 -0.02 -0.19 0.29 0.48 1.08 0.33 -0.07 -7.94

50.58 60.20 85.71 74.93 69.58 247.56 107.37 49.57 88.89 65.13 37.00 57.96 23.09 47.10 83.87 47.18 50.62 58.20 63.86 263.91

27.51 46.43 71.82 60.75 43.49 156.64 88.04 31.00 59.66 47.43 28.61 44.08 18.91 35.25 71.04 30.89 36.86 49.67 48.67 116.01

3.66 4.19 6.20 3.89 10.00 8.88 6.16 15.78 5.66 30.40 17.02 97.90 36.10 9.09 5.88 8.85 25.28 18.76 8.60 6.06 11.78 10.23 22.18 16.46 5.38 14.57 191.98 8.19 81.95 13.86 23.58 14.25 6.09

-0.02 -0.01 -0.06 -0.02 -0.04 -0.08 -0.04 -0.22 -0.03 -0.20 -0.08 -1.90 -0.25 0.02 -0.08 -0.06 -0.74 -0.06 0.03 0.04 0.05 -0.06 0.06 -0.05 0.32 4.15 -0.11 0.20 0.09 0.62 0.15 -0.04

4.10 4.57 7.36 4.52 11.32 10.24 6.62 20.35 6.34 34.00 19.96 108.50 41.95 10.68 6.68 10.70 32.98 24.40 10.35 7.57 14.22 12.32 29.42 23.20 5.90 17.49 204.24 11.70 88.70 16.39 25.98 16.75 8.23

175.90 15280 325.10

1.00 80.00 -0.90

7.35 46.68 61.43 121.10 22.82 52.01

Yld

P/E MCap m

Stock

ChristianDior 180.00 Cred Agr 13.09 Danone 61.97 EDF 22.76 Essilor Intl 106.65 GDF Suez 18.54 Hermes Intl 297.70 Kering 190.15 LOreal 169.70 LVMH 171.50 Nmrcble-SFR 54.73 Orange 15.70 PernodRic 107.80 Safran 67.75 Sanofi 89.27 Schneider 72.35 SocGen 42.15 StGobn 40.70 Total 45.47 UnibailR 252.75 Vinci 54.69 Vivendi 22.00 Germany (€) Allianz 153.85 BASF 90.48 Bayer 141.10 BMW 119.35 Continental 223.35 Daimler 92.07 Deut Bank 29.94 Deut Tlkm 16.80 DeutsPost 29.73 E.ON 14.05 Fresenius 53.24 HenkelKgaA 94.13 Linde 189.25 MuenchRkv 189.45 SAP 63.75 Siemens 102.10 Volkswgn 237.45 Hong Kong (HK$) AIA 47.10 BOC Hold 26.55 Ch OSLnd&Inv 22.00 ChngKong♦ 150.08 Citic Ltd 13.06 Citic Secs 24.90 CNOOC 10.38 Galaxy Enter 33.90 HangSeng♦ 136.40 HK & Ch Gas 17.24 HK Exc&Clr 175.30 Hutchison 107.50 MTR 35.10 SandsCh 31.25 SHK Props 118.80 Tencent 131.70 India (Rs) HDFC Bk 1056.45 Hind Unilevr 968.90 HsngDevFin 1322.75 ICICI Bk 332.65 Infosys 2182.2 ITC 338.20 OilNatGas 309.50 RelianceIn 855.95 SBI NewA 285.15 SunPhrmInds 1009.85 Tata Cons 2606.55 Tata Motors 550.90 Indonesia (Rp) Astra Int 7850 Bk Cent Asia 14275 Israel (ILS) TevaPha 227.20 Italy (€) Enel 4.17 ENI 16.43 Generali 19.07 IntSPaolo 3.02 Luxottica 58.25 Unicred 6.13 Japan (¥) AstellasPh 1964 Bridgestne 4765 Canon 3984.5 CntJpRwy 22765 Denso 5461 EastJpRwy 10170 Fanuc 23195

30.47 5.26 12.88 73857.34 26.50 6.27 10.15 73851.84 73.57 6.55 16.20 111267.49 63.77 1.38 28.42 33230.16 31.33 5.55 16.17 68943.46 4.96 4.91 16.15 57652.4 40.26 6.91 30.69 37103.43 31.33 5.05 15.09 88708.6 31.97 10.04 9.31 21494.14 29.11 6.90 14.79 28107.36 71.50

2.13 24.25 196442.36

14.99 2.06 18.61 8.56 22.07 4.35 27.82 1.31 33.01 3.13 25.42 1.84 7.88 7.39 17.65 11.75

20.22 4.21 15.78 8.99 17.22 7.31 4.24 -8.53

92083.45 20032.56 19669.7 23853.54 22843.01 27959.81 20393.59 19629.64

0.36 4.80 4.13 4.15 1.17 0.62 4.34 2.50 1.19 2.54 3.70 1.17 2.83 4.12 3.85 2.99 3.07 3.52 3.79 -

25.15 17.05 11.65 11.01 13.87 26.49 12.74 12.19 22.81 41.72 13.06 9.95 11.23 18.68 12.10 18.51 86.35 12.87 20.65 75.64

15243.19 35156 38357.5 59486.79 33392.31 30706.94 28812.22 31499.29 54211.67 38830.97 27427.29 31048.19 32845.74 27047.1 85882.98 40764.8 31369.49 77559.26 29723.59 65098.79

3.04 3.03 4.53 2.68 5.54 4.88 4.89 12.84 3.85 19.72 12.12 63.65 23.55 5.57 2.99 6.73 9.71 18.72 4.36 2.71 9.03 6.24 9.50 9.50 4.33 8.63 139.22 7.54 55.60 8.36 12.22 8.39 5.90

5.70 5.45 4.89 4.64 2.37 2.22 5.68 5.25 1.04 4.25 2.95 1.16 1.50 1.31 1.33 5.09 0.45 2.00 1.61 3.56 0.79 0.86 5.10 2.67 1.92 4.64 0.97 0.98 4.31 3.92 4.18

5.61 14489.05 6.19 45123.42 6.11 27956.27 5.33 3441.1 16.02 15562.9 8.68 5063.38 5.80 190727.87 9.65 2672.32 5.58 10848.06 25.91 29132.94 6.33 10062.98 15.66 258146.18 27.66 12902.9 8.96 2430.66 10.49 3186.09 5.96 7902.62 42.49 18816.21 7.80 8211.08 68.57 24661.52 8.29 29031 19.84 36330.12 11.46 24286.24 26.97 20965.12 25.73 3164.02 5.92 60136.99 6.38 37643.82 15.80 35009.63 9.92 22254.28 15.95 39301.01 8.47 21771 10.16 41515.56 6.17 33957.08 9.96 20010.45

178.50 15840 329.40

139.20 11020 226.20

1.25 41.69 25159.54 2.28 22.61 46749.32 1.52 29.40 122172.13

0.19 0.55

7.37 46.75

5.13 34.72

1.65 26.89 29110.27 3.88 15.48 27586.02

2.55 3.55 0.43 0.97

61.53 121.35 22.94 59.85

39.64 86.12 16.43 43.14

1.34 26.31 2.38 22.39 4.02 9.72 3.16-709.63

50997.14 44181.36 58940.29 68531.76

52 Week High Low

Price Day Chg

126.10 9.76 49.04 20.90 70.51 16.17 229.00 136.95 114.55 121.40 23.87 9.70 79.56 43.24 69.58 52.59 31.85 29.51 38.25 180.70 39.65 17.26

1.46 2.94 2.65 6.22 1.00 9.16 1.03 2.23 1.67 2.05 5.77 1.67 1.87 3.45 3.59 2.60 1.72 6.19 3.98 3.55 5.01

3.20 3.08 4.95 5.65 7.70 3.37 0.75 0.39 -0.53 0.18 0.80 0.93 3.75 0.60 1.15 3.03 10.15

153.85 90.62 141.40 119.65 224.00 92.12 33.61 16.87 30.78 15.46 53.53 94.84 189.85 190.35 63.90 103.30 237.90

115.05 64.27 91.31 74.74 136.85 55.10 22.66 10.07 21.55 12.23 34.52 66.67 138.15 141.10 50.08 80.17 147.35

3.79 10.18 74355.9 3.27 14.70 87886.75 1.63 31.05 123397.63 2.40 12.20 75983.13 1.23 18.91 47242.26 2.68 12.90 104168.8 1.94-234.92 43672.08 2.45 23.45 80582.9 2.96 15.47 38074.34 4.70 -46.40 29732.08 0.86 23.97 24562.3 1.40 13.70 25862 1.75 28.11 37156.09 4.21 8.28 34649.61 1.27 21.05 82824.45 3.24 15.00 95126.91 1.39 14.58 74101.69

-0.05 -0.20 -0.15 -2.42 0.35 -0.22 -1.20 -1.30 -0.14 -0.50 2.00 0.30 -1.15 -0.50 0.60

49.65 27.95 26.70 158.50 16.88 33.95 15.88 75.55 148.40 18.90 189.00 109.60 36.85 65.20 129.40 138.00

34.90 21.50 17.52 120.20 10.66 13.72 9.72 33.85 118.10 14.45 112.80 85.90 27.45 31.10 83.40 93.00

0.81 3.33 1.87 2.03 2.35 0.71 4.79 3.87 1.72 1.87 1.87 2.30 5.11 2.47 0.17

33.49 73063.99 13.89 36151.3 8.20 23159.33 9.19 44768.6 8.68 41886.15 29.69 3778.64 7.63 59684.72 14.58 18563.37 17.96 33584.29 29.54 23339.78 47.34 26376.05 32.00 59024.37 15.74 26357.51 13.20 32471.21 10.91 43783.67 48.35 158980.67

3.90 1109.3 11.75 981.00 10.35 1402.3 -1.00 393.40 -15.80 2336 -0.35 409.95 -4.90 471.85 -3.20 1145.25 -2.45 336.00 -14.80 1055.5 -36.15 2839.7 -9.30 612.40

707.30 550.25 810.00 237.60 1440 312.50 305.35 831.20 163.40 552.55 1999.5 378.75

0.62 1.12 1.01 2.64 1.68 1.46 2.97 1.06 0.99 0.14 1.24 0.33

29.35 56.36 25.62 16.73 20.69 32.33 10.59 11.44 14.09 37.05 24.88 9.15

8175 14675

6325 10200

2.33 15.57 24092.98 0.37 21.92 26682.14

-0.80

237.70

167.50

2.31 16.31 47850.99

0.13 0.27 0.37 0.04 2.30 0.06

4.49 20.46 19.21 3.03 58.30 6.89

3.36 12.98 14.40 2.00 34.74 4.82

2.75 7.44 2.08 1.82 0.98 -

12.61 19.08 17.37 -10.39 43.52 -2.62

41428.94 63146.08 31398.27 50575.81 29680.98 37554.71

14.00 37.00 -6.00 435.00 2.00 35.00 465.00

2047 4797 4045 23165 5995 10265 23490

1062 3328 2990 10945 4223 7105 16130

3.32 1.50 2.99 0.41 1.49 0.92 0.80

45.99 15.76 17.45 16.75 17.43 20.47 25.49

36530.65 31889.65 43741.56 38599.04 39737.43 32938.76 45725.3

Week change change % 4.91 8.7 1.87 8.1 4.05 7.5 5.06 7.3 3.98 6.2 52.80 5.8 0.68 4.9 8.25 4.5 0.13 4.4 1.85 4.1 2.84 4.0 0.73 4.0 610.00 4.0 56000.00 3.9 6.40 3.9 6.40 3.9 169.00 3.8 1.95 3.7 0.14 3.6 3.54 3.6

Month change % 24.30 28.25 13.11 3.85 12.35 9.14 1.39 3.88 16.08 8.56 11.25 6.18 25.12 6.97 7.13 9.55 6.36 6.92 6.08 11.67

Current 0.00-0.12 3.25 0.75 0.05 0.50 0.00-0.03 0.00-0.25

500.00 -13.00 -2.90 -35.50 -55.00 10.00 730.00 6.50 45.50 -3.50 -9.50 9.00 -6.80 -0.10 145.00 6.00 -12.00 -1.80 9.00 -4.00 -57.00 -33.00 -20.00 11.50 -17.00 14.00 -35.50 -20.00

47035 4617 939.90 4100 4193 8449 62410 2450 2930 1550 1820 3809.5 792.00 221.80 16125 7656 1275 333.00 2248 1610 4809.5 8529 8760 3414.5 4822 6657 4398.5 8245

30950 2380 660.00 3239 2997 5000 36095 1805 2151.5 1083 1399 2854.5 519.00 178.10 8192 5051 842.00 243.30 1515 1030 3611 5267 6683 1588 3800 4337.5 2884 5205

Yld

P/E MCap m

0.78 1.13 1.11 2.11 2.72 1.48 0.16 2.17 0.34 0.41 3.14 0.52 1.86 2.49 0.66 1.91 1.97 1.23 2.12 0.76 1.20 0.97 0.45 0.62 2.07 2.17 1.42 1.66

46.22 39218.31 15.12 26128.82 14.68 31810.67 12.61 60331.25 16.31 61829.7 16.71 58035.56 34.76 30577.37 11.96 32482.07 37.89 31070.65 24.68 24424.31 8.22 24701.24 37.16 26912.37 9.63 87360.76 12.44 43809.82 31.55 29739.73 15.12 68214 11.78 46064.82 14.59 24732.87 22.29 79040.29 65.71 30407 24.08 33974.38 28.91 28413.52 13.97 68366.33 -15.20 31342.02 8.86 54492.85 98.44 41898.67 13.49 26820.46 13.14 229507.59

-0.14

10.20

8.25

9.03 12.04 22914.05

-0.11 1.08 0.92

17.64 144.92 37.35

12.39 108.90 27.71

1.61 16.58 67639.78 0.78 28.66 31569.33 0.74 23.08 43576.03

2.52 1.53 0.25 0.65 0.65

102.05 74.25 13.53 27.02 40.19

57.51 45.90 9.34 20.69 27.45

0.90 -1.10 2.60

129.30 195.80 170.40

98.10 118.20 123.90

2.49 8.19 25332.38 6.06 8.14 53290.42 5.34 29.88 28245.88

-2.70 0.10

200.00 237.00

143.50 160.00

7.26 14.46 24140.86 3.37 13.90 38258.95

-2.06 27.90 -1.55

166.94 3297.7 294.20

113.73 1762.6 183.95

6.50 7.42

0.06 0.79

136.50 76.50

70.25 55.00

5.47 11.94 74190.12 3.54 12.90 36128.52

-0.13 -0.62 -0.66 -0.06 -0.01 -0.16

20.67 67.88 38.10 10.65 4.32 24.72

15.65 55.52 32.27 9.20 3.49 19.80

2.97 2.10 0.64 3.33 4.11 3.10

0.30 55.15 -1.90 263.44 30.62 1744.64 -5.55 652.99

33.90 198.00 983.25 360.00

3.01 15.76 24168.59 4.11 14.69 32515.52 0.21 60.12 58256.98 5.41 8.26 21054.7

1500 323500 226000 -250.00 50200 36100 -750.00 52400 35550 53000 1495000 1078000

1.14 11.73 21880.7 0.20 9.78 24169.19 0.68 8.41 27985.83 0.77 9.30 171361.69

0.56 34.09 1.32 25.59 13.26 - 101.17 2.63 20.26

47160.64 44992.02 54906.29 26326.95 72128.53

2.77 55621.63 6.39 37327.96 3.13 42888.49

7.39 22.22 14.05 9.70 17.46 10.79

35025.72 44471.69 38867.56 29816.59 47143.84 26172.36

0.12 0.10 0.02 0.20 0.09 0.29 -0.06 0.11

9.99 7.96 5.00 24.45 6.24 28.56 21.07 14.00

7.21 5.77 3.71 18.59 4.75 19.29 14.26 10.76

0.77 9.84 3.70 5.15 1.21 2.53 2.61

-55.88 12.70 34.71 13.13 14.78 32.55 20.50 18.65

59386.89 95285.64 24973.21 22250.36 40449.06 91134.99 24191.4 65456.4

6.50 2.80 -9.90 6.90 2.10 2.10 8.00 2.30

253.80 109.90 368.50 337.80 113.90 108.20 426.00 220.90

164.90 77.55 261.00 217.30 82.40 82.30 305.10 165.70

2.46 3.07 3.12 2.71 3.84 3.92 2.93 4.84

23.12 23.17 26.03 4.35 13.34 11.69 16.76 13.85

34649.02 40438.46 65059.77 29018.79 52329.8 27350.68 30595.73 28132.08

Last 0.12 3.25 0.75 0.15 0.50 0.03 0.00-0.75

Mnth Ago 0.00-0.25 3.25 0.75 0.05 0.50 0.00-0.10 0.00-0.25

Year Ago 0.00-0.25 3.25 0.75 0.25 0.50 0.00-0.10 0.00-0.25

Day 0.001 -0.001 0.000

Change Week 0.003 -0.006 0.000

Month 0.001 0.000 -0.003 -0.010 0.000 -0.001 0.000 -0.020 0.000

One month 0.17790 -0.00714 0.50319 -0.82700 0.07071 -0.00900 0.50000 0.15000 -0.15000

Three month 0.26770 0.02143 0.56163 -0.78200 0.09429 0.03200 0.55000 0.23000 -0.01500

Six month 0.40420 0.07929 0.68500 -0.68360 0.13500 0.10200 0.72500 0.34000 0.05500

One year 0.71085 0.20643 0.99150 -0.57360 0.25114 0.21900

Short 7 Days One Three Six One Mar 11 term notice month month month year Euro -0.20 -0.05 -0.15 0.00 -0.15 0.00 -0.09 0.06 -0.02 0.13 0.10 0.25 Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.50 0.60 0.65 0.80 0.95 1.10 Swiss Franc -0.90 -0.84 -0.97 -0.91 -1.14 -1.10 -1.17 -1.14 -1.16 -1.12 -1.18 -1.13 Canadian Dollar 0.68 0.71 0.69 0.73 0.71 0.80 0.73 0.76 0.78 0.79 0.78 0.80 US Dollar 0.10 0.20 0.10 0.20 0.12 0.22 0.19 0.29 0.29 0.39 0.55 0.65 Japanese Yen 0.00 0.10 -0.02 0.08 -0.20 0.00 -0.10 0.10 -0.05 0.15 0.02 0.22 Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

COMMODITIES Energy Price* Crude Oil† Mar 48.31 Brent Crude Oil‡ 57.93 RBOB Gasoline† Mar 1.83 Heating Oil† Mar 1.81 Natural Gas† Mar 2.83 Ethanol♦ Mar 1.39 Uranium Mar 39.50 Carbon Emissions Diesel Mar 121.25 Unleaded Apr Base Metals (♠ LME 3 Months) Aluminium 1747.00 Aluminium Alloy 1805.00 Copper 5716.00 Lead 1799.50 Nickel 13745.00 Tin 17450.00 Zinc 1996.00 Precious Metals (PM London Fix) Gold 1150.00 Silver (US cents) 1564.00 Platinum 1123.00 Palladium 797.00 Bulk Commodities Iron Ore (Platts) 57.00 Iron Ore (The Steel Index) 57.70 GlobalCOAL RB Index 63.65 Baltic Dry Index 565.00

www.ft.com/commodities

Change -0.44 1.52 0.01 -0.03 0.10 0.00 0.00 -23.00 -5.00 -44.00 -12.50 -315.00 -350.00 -21.50 -12.00 -14.00 -16.00 -11.00 -0.25 -0.80 0.00 -3.00

Agricultural & Cattle Futures Corn♦ Wheat♦ Soybeans♦ Soybeans Meal♦ Cocoa (ICE Liffe)X Cocoa (ICE US)♥ Coffee(Robusta)X Coffee (Arabica)♥ White SugarX Sugar 11♥ Cotton♥ Orange Juice♥ Palm Oil♣ Live Cattle♣ Feeder Cattle♣ Lean Hogs♣

S&P GSCI Spt DJ UBS Spot R/J CRB TR Rogers RICIX TR M Lynch MLCX Ex. Rtn UBS Bberg CMCI TR LEBA EUA Carbon LEBA CER Carbon LEBA UK Power

Apr Apr Mar Apr

Price* 390.50 498.75 993.25 333.30 1980.00 2847.00 1803.00 133.10 371.80 13.17 60.42 117.40 609.00 156.23 214.60 63.58

Change 2.25 4.75 9.00 2.50 -25.00 -59.00 -28.00 0.00 1.40 0.13 -0.46 0.00 7.00 1.20 2.23 -2.25

Mar 10 405.51 99.38 216.43 2582.27 305.00 15.46 6.80 0.40 2824.00

% Chg Month -2.66 -2.66 -3.47 -2.44 -2.21 -9.21 -6.98 -34.03

% Chg Year -29.43 -33.21 -26.49 18.47 233.33 66.61

May May May May May May Mar May May

Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ unless otherwise stated.

Stock

Price Day Chg

52 Week High Low

TeliaSonera 52.95 1.25 54.15 43.98 Switzerland (SFr) ABB 20.37 0.13 23.35 16.75 CredSuisse 25.27 0.27 29.75 18.57 Nestle 75.30 76.30 63.85 Novartis 96.85 1.15 99.75 70.85 Richemont 83.80 1.30 94.75 68.80 Roche 260.40 1.20 295.80 238.80 SwatchGpI 420.90 5.50 571.50 350.00 Swiss Re 90.60 1.05 90.65 69.25 Swisscom 555.50 8.50 587.50 500.00 Syngent 334.40 6.50 350.30 273.20 UBS 17.38 0.14 17.84 13.58 Zurich Fin 312.90 6.10 323.50 244.20 Taiwan (NT$) HonHaiPrc 87.30 0.20 113.00 83.00 MediaTek 453.50 -6.50 545.00 396.50 TaiwanSem 146.00 2.00 154.50 111.50 Thailand (THB) PTT Explor♦ 330.00 398.00 285.00 United Kingdom (p) AngloAmer 1085.5 4.00 1678.5 923.00 AscBrFd 2998 22.00 3293 2407 AstraZen♦ 4304.5 32.50 5750 3718.5 Barclays♦ 255.00 0.70 269.94 201.75 BG 840.00 -11.20 1420 780.55 BP♦ 425.15 -2.95 526.80 364.40 BrAmTob 3627 -25.50 3894 3162 BSkyB 850.50 -12.00 954.00 782.50 BT 446.50 3.50 465.15 350.30 Compass 1139 3.00 1179 924.41 Diageo♦ 1849 -5.50 2055 1689.5 GlaxoSmh♦ 1519 -4.50 1689 1200.67 Glencore 285.65 -1.75 379.45 236.20 HSBC♦ 561.80 1.90 737.00 556.80 ImpTob 3082 -9.00 3295 2367 LlydsBkg 78.16 -0.59 81.98 70.02 Natl Grid 853.40 1.80 965.00 806.22 Prudential 1634 22.00 1687 1223 RBS 360.10 0.30 414.00 291.60 ReckittB 5715 10.00 5895 4697 Reed Els 1122 5.00 1199 851.53 RioTinto♦ 2844 14.00 3530.5 2600 RollsRoyce 976.00 3.00 1108 777.00 RylDShlA 1936 -0.50 2864 1929 SABMill 3571 -15.50 3857 2770 Shire 5310 65.00 5470 2827 SSE♦ 1482 12.00 1858 1406 StandCh 1024.5 6.00 1355.5 867.50 Tesco 235.45 0.15 322.20 155.40 Vodafone 217.20 1.65 245.90 179.10 WPP 1520 16.00 1569 1091 United States of America ($) 3M♦ 161.73 -0.53 170.50 129.70 AbbottLb 46.30 0.13 47.88 36.65 Abbvie 56.62 0.78 70.76 45.50 Accenture 86.86 -1.20 92.18 73.98 Ace 110.82 0.71 117.89 95.00 Actavis 292.86 5.26 298.23 184.71 Adobe 76.01 0.01 80.30 57.15 AEP 54.77 -0.49 65.38 48.31 Aetna 100.04 -0.12 102.63 66.85 Aflac 61.49 0.44 65.66 54.99 AirProd 151.30 -0.80 158.20 114.28 Alexion 178.81 -2.47 203.30 136.37 Allergan♦ 235.26 2.31 236.45 115.94 Allstate♦ 69.09 0.70 72.87 54.81 Altria 52.22 -0.98 56.70 35.84 Amazon 366.37 -3.14 389.37 284.00 AmerAir 47.39 0.66 56.20 28.10 AmerExpr 79.45 0.34 96.24 77.12 AmerIntGrp♦ 54.73 0.31 56.79 48.27 Ameriprise 130.63 0.39 138.26 100.94 AmerTower 94.63 0.06 105.20 80.01 Amgen 152.70 -0.88 173.14 108.20 Anadarko♦ 79.49 0.50 113.51 71.00 Aon Cp 96.43 0.41 107.08 78.26 AppldMat 23.46 -0.06 25.71 18.27 Apple 122.24 -2.27 133.60 73.05 ArcherDan 45.50 -0.02 53.91 41.63 AT&T 32.62 -0.16 37.48 32.07 AutomData♦ 84.99 -0.17 90.23 70.50 Avago Tech 124.66 -0.46 131.54 57.27 BakerHu♦ 60.17 0.10 75.64 47.51 BankAm♦ 16.11 0.32 18.21 14.37 Baxter♦ 67.01 -0.69 77.31 65.95 BB & T 37.97 0.40 41.04 34.50 BectonDick♦ 140.99 -1.40 149.98 111.07 BerkshHat 217500 100.00 229374 181785 Biogen 408.11 -6.09 425.70 272.02

Yld

P/E MCap m

6.25 15.11 26578.49 3.76 2.69 2.83 2.75 0.11 2.91 1.15 4.47 3.85 3.27 1.40 5.91

18.84 46809.62 70.19 40318.84 25.46 241067.63 23.27 260195.37 22.57 43426.58 24.78 181621.49 12.67 12886.48 8.29 33342.65 17.48 28567.44 19.68 30855.78 19.49 64344.04 12.43 46499.24

1.77 11.58 40809.68 2.54 15.86 22521.01 1.58 17.58 119629.29 2.11 17.79 28628.06 4.56 238.15 22659.2 1.08 31.08 35473.18 4.22 68.81 81247.74 2.55-346.94 62810.38 2.21 16.00 42858.87 5.97 32.44 115893.68 4.06 18.93 103983.78 3.76 9.03 23005.52 2.22 18.21 54342.66 2.31 23.39 28389.67 2.80 23.82 69392.99 5.27 26.81 110411.37 3.38 17.32 56329.68 5.60 12.20 161138.93 4.19 20.80 44121.26 - 237.57 83376.97 4.93 14.95 47980.62 2.05 19.61 62691.64 -6.33 34244.94 2.51 22.07 61376.81 2.22 26.39 34888.45 4.61 12.63 60097.42 2.30-250.26 27563.1 6.06 12.32 110579.29 1.81 25.76 86108.01 0.25 14.91 46823.72 5.85 71.73 21872.26 4.81 10.07 37857.39 6.27 22.31 28584.89 6.42 59.83 86054.29 2.25 20.21 29943.62 2.03 22.54 102658.07 1.82 43.13 69865.67 2.81 53.61 90245.88 2.14 20.74 68807.06 2.78 13.74 36276.04 - -41.17 82249.6 - 150.89 37876.85 3.55 17.10 26804.58 0.86 18.36 34883.95 2.34 9.87 26988.16 1.95 33.24 32419.66 57.26 36146.17 0.08 48.80 72367.35 1.55 11.50 28770.91 3.67 21.31 102837.73 - -732.72 170136.34 0.40 12.59 33014.24 1.50 14.80 80973.48 0.88 10.90 75113.42 1.66 16.40 23841.47 1.42 49.31 39986.72 1.53 23.78 115878.12 1.19 -23.98 40273.63 0.92 21.58 27024.56 1.70 24.94 28819.08 1.45 17.25 712017.2 2.02 13.85 29371.19 5.44 28.55 169303.28 2.18 27.46 40380.8 0.85 115.03 31959.01 1.02 16.03 26145.45 0.71 46.95 169470.22 2.93 19.64 36358.38 2.40 14.40 27368.82 1.52 25.25 27202.44 18.77 186278.53 34.41 95748.51

Stock

52 Week High Low

Price Day Chg

BkNYMeln BlackRock♦ Boeing BrisMySq Broadcom CapOne CardinalHlth Carnival♦ Caterpillar CBS♦ Celgene CharlesSch ChevrnTx Chubb♦ Cigna♦ Cisco Citigroup CME Grp♦ Coca-Cola Cognizant ColgtPlm Comcast ConocPhil Corning♦ Costco Covidien CrownCstl CSX♦ Cummins CVS Danaher Deere Delta♦ DevonEngy DirectTV DiscFinServ Disney DominRes♦ DowChem DukeEner♦ DuPont♦ Eaton♦ eBay Ecolab♦ EMC Emerson EOG Res EquityResTP Exelon ExpScripts ExxonMb Facebook Fedex♦ FordMtr Franklin FreeportMc GenDyn GenElectric♦ GenGrwthPrp GenMills GenMotors♦ GileadSci GoldmSchs♦ Google Halliburton♦ HCA Hold Hew-Pack♦ HiltonWwde HlthcareREIT HomeDep♦ Honywell IBM IllinoisTool Illumina Intcntl Exch Intel Intuit John&John JohnsonCn♦ JPMrgnCh Kimb-Clark♦ KinderM Kraft Kroger L Brands LasVegasSd LibertyGbl Lilly (E) LinkedIn Lockheed♦ Lowes

39.42 358.41 151.17 65.60 43.79 78.23 87.27 43.84 79.70 59.59 117.58 30.68 103.54 99.25 120.45 28.26 52.33 96.29 40.10 60.85 67.89 58.06 61.30 22.70 147.40 106.71 84.92 33.66 137.37 101.56 84.37 90.23 44.02 57.84 85.63 57.85 102.89 68.75 46.78 74.28 79.29 66.57 59.68 114.50 25.72 55.51 86.55 75.77 31.83 81.24 84.02 77.57 171.56 15.75 51.80 18.81 132.30 25.19 29.03 51.70 37.78 98.97 184.18 555.69 41.31 71.76 32.61 28.04 74.23 113.07 100.65 156.80 96.19 190.24 228.60 32.33 95.18 98.32 48.42 60.24 104.15 39.81 60.97 74.71 90.00 51.42 52.36 68.46 264.95 197.21 73.07

0.23 2.22 -1.25 0.07 0.06 0.51 0.33 -0.23 -0.21 0.16 -0.75 0.37 0.63 1.12 0.64 -0.40 1.10 0.99 -0.59 0.20 -0.51 -0.64 0.43 -0.35 -0.76 -1.36 0.35 0.23 -0.89 0.03 -0.28 -0.76 0.60 1.09 -0.50 0.09 -0.20 -0.51 -0.33 -0.42 0.52 -0.59 0.47 -0.39 -1.23 -0.58 0.36 -0.18 -0.30 -0.15 -0.24 0.02 1.56 0.03 0.22 -0.03 -0.39 0.02 0.21 -0.09 0.23 0.14 1.47 -4.16 1.52 -0.06 0.13 -0.70 0.51 -0.52 -1.01 -0.54 -2.89 0.65 0.63 -0.21 -1.21 -0.77 0.28 -0.62 -0.28 -0.42 0.71 -0.38 -1.10 -0.85 -0.32 -0.05 -0.37 0.01

41.79 382.84 158.83 67.18 46.22 85.39 90.49 47.44 111.46 68.10 125.45 31.73 135.10 105.30 123.00 30.31 56.95 97.80 44.87 63.19 71.56 60.70 87.09 25.16 156.85 108.57 89.44 37.99 161.03 104.84 88.10 94.89 51.06 80.63 89.46 66.75 106.64 80.89 54.97 89.97 79.37 79.98 60.93 118.46 30.92 69.94 118.89 81.03 38.93 88.83 104.76 82.17 183.51 18.12 59.43 39.32 145.92 27.53 31.70 55.64 38.18 116.83 198.06 608.91 74.33 77.08 41.10 29.33 84.88 117.92 105.39 199.21 99.95 213.33 240.05 37.90 98.69 109.49 52.00 63.49 119.01 43.18 67.74 75.36 94.84 86.80 55.86 75.10 276.18 207.06 75.98

BONDS: HIGH YIELD & EMERGING MARKET

Close Prev price price Sasol 397.17 402.72 Firstrand 52.90 52.60 Naspers N 1710.78 1680.16 MTN Grp 216.10 218.00 Galaxy Enter 33.90 35.10 SandsCh 31.25 32.40 BG 840.00 851.20 FreeportMc 18.81 18.84 LasVegasSd 51.42 52.52 BHPBilltn 30.33 31.91 Petrobras 8.32 8.32 EMC 25.72 26.95 NtlOilVarc 50.16 50.22 Corning 22.70 23.05 ChinaPcIns 36.10 36.35 SK Hynix 43400.00 44150.00 ItauHldFin 30.40 30.40 Lukoil 2726.90 2699.00 RioTinto 2844.00 2830.00 ChShenEgy 18.76 19.50 Based on the FT Global 500 companies in local currency

Day Week change change % change change % -5.55 -1.38 -41426.83 -99.1 0.30 0.57 -5229.10 -99.0 30.62 1.82 -166952.22 -99.0 -1.90 -0.87 -20811.90 -99.0 -1.20 -3.42 -6.10 -15.3 -1.15 -3.55 -4.65 -13.0 -11.20 -1.32 -92.70 -9.9 -0.03 -0.16 -2.06 -9.9 -1.10 -2.09 -5.58 -9.8 -1.58 -4.95 -3.21 -9.6 0.00 0.00 -0.83 -9.1 -1.23 -4.56 -2.48 -8.8 -0.06 -0.12 -4.62 -8.4 -0.35 -1.52 -2.05 -8.3 -0.25 -0.69 -3.25 -8.3 -750.00 -1.70 -3900.00 -8.2 0.00 0.00 -2.66 -8.0 27.90 1.03 -228.10 -7.7 14.00 0.49 -229.50 -7.5 -0.74 -3.79 -1.44 -7.1

Month change % -13.12 2.84 2.10 4.90 -19.95 -17.11 -8.17 1.13 -9.44 -3.38 -4.29 -5.65 -3.33 -7.54 -4.24 -3.88 1.30 -11.15 -4.29 -9.37

BOND INDICES Since 16-12-2008 16-12-2008 18-02-2010 10-09-2014 05-03-2009 05-10-2010 03-08-2011

INTEREST RATES: MARKET Mar 11 (Libor: Mar 10) US$ Libor Euro Libor £ Libor Swiss Fr Libor Yen Libor Euro Euribor Sterling CDs US$ CDs Euro CDs

52 Week High Low

Price Day Chg

FastRetail 44920 Fuji Hvy Ind 4055 Hitachi 799.60 HondaMtr 4046.5 JapanTob 3756 KDDI 7861 Keyence 61100 MitsbCp 2430 MitsubEst 2715 MitsubishiEle 1382 Mitsui 1670.5 MitsuiFud 3298 MitUFJFin 749.10 Mizuho Fin 217.50 Murata Mfg 16040 NipponTT 7291 Nissan Mt 1238 NpnStlSmMtl 316.20 NTTDCMo 2200 Panasonic 1506 Seven & I 4656.5 ShnEtsuCh 7989 Softbank 6918 Sony 3256.5 SumitomoF 4682 Takeda Ph 6445 TokioMarine 4234.5 Toyota 8158 Malaysia (RM) Maybank 9.09 Mexico (Mex$) AmerMvl 15.20 FEMSA UBD 136.38 WalMrtMex 37.10 Netherlands (€) ASML Hld 101.75 Heineken 73.86 ING 13.46 Philips 26.63 Unilever 39.78 Norway (Kr) DNB 127.40 Statoil 136.90 Telenor 154.10 Qatar (QR) Inds Qatar 145.30 QatarNtBk 199.10 Russia (RUB) Gzprm neft 145.99 Lukoil 2726.9 Rosneft 251.45 Saudi Arabia (SR) SaudiBasic 92.75 SaudiTelec 67.75 Singapore (S$) DBS 19.59 JardnMt US$ 64.38 JardnStr US$ 34.70 OCBC 10.38 SingTel 4.10 UOB 22.64 South Africa (R) Firstrand 52.90 MTN Grp 216.10 Naspers N 1710.78 Sasol 397.17 South Korea (KRW) HyundMobis 258000 KoreaElePwr 43700 SK Hynix 43400 SmsungEl 1474000 Spain (€) BBVA 9.02 BcoSantdr 6.41 CaixaBnk 4.13 GasNatur 21.03 Iberdrola 5.99 Inditex 27.65 Repsol 16.64 Telefonica 13.29 Sweden (SKr) AtlasCpcoB 246.30 Ericsson 107.70 H&M 339.10 Investor 326.30 Nordea Bk 112.10 SEB 107.80 SvnskaHn 415.20 Swedbank 220.20

40605.13 33358.85 33104.24 30660.29 39701.18 42820.41 42154.35 44083.15 33890.83 33297.21 81278.71 22334.71

-125.00 -150.00

INTEREST RATES: OFFICIAL

Over night 0.12200 -0.12714 0.47813

18.91 34593.44 14.29 35665.56 30.39 42191.87 10.59 44760.36 20.45 24359.89 -4.59 47748.66 33.73 33236.76 25.10 25391.37 30.82 100722.09 22.63 92083.75 -64.63 28183.95 23.67 43980.95 26.78 30259.15 15.92 29879.82 26.28 124558.41 19.26 44738.93 13.18 35892.79 21.25 24185.32 9.46 114687.58 20.03 26215.13 11.26 34160.03 -12.39 31481.01

180.85 13.17 62.62 29.90 107.20 21.19 317.40 190.55 170.00 171.65 60.01 16.45 108.75 68.08 89.95 72.49 47.89 46.40 54.71 262.00 57.36 22.00

Stock

FT 500: BOTTOM 20

Close Prev Day price price change change % Airbus Grpe 61.43 58.88 2.55 4.33 CredSuisse 25.00 25.00 0.00 0.00 Luxottica 58.25 55.95 2.30 4.11 Kroger 74.71 74.00 0.71 0.96 Safran 67.75 66.08 1.67 2.53 Hind Unilevr 968.90 957.15 11.75 1.23 IndstrlBk 14.57 14.25 0.32 2.25 Kering 190.15 184.30 5.85 3.17 IntSPaolo 3.02 2.97 0.04 1.48 SampoA 46.68 46.13 0.55 1.19 Heineken 73.86 72.33 1.53 2.12 Generali 19.07 18.70 0.37 1.98 Murata Mfg 16040.00 15895.00 145.00 0.91 SmsungEl 1474000.00 1421000.00 53000.00 3.73 LOreal 169.70 164.80 4.90 2.97 LVMH 171.50 166.25 5.25 3.16 Seven & I 4656.50 4713.50 -57.00 -1.21 Vinci 54.69 53.86 0.83 1.54 CaixaBnk 4.13 4.11 0.02 0.46 ASML Hld 101.75 99.23 2.52 2.54 Based on the FT Global 500 companies in local currency

Rate Fed Funds Prime Discount Repo Repo O'night Call Libor Target

P/E MCap m

3.00 0.37 1.12 0.07 1.95 0.10 7.65 5.85 4.90 5.25 -0.27 0.39 2.55 1.67 2.89 2.17 1.20 0.88 0.29 4.75 0.83 0.40

FT 500: TOP 20

Mar 11 US US US Euro UK Japan Switzeland

Yld

Bid yield

Mth's Spread chge vs yield US

Mar 11 High Yield US$ Windstream Corporation

S*

F*

Bid price

11/17

7.88

B

B1

BB

107.90

4.70

0.39

0.19

4.00

High Yield Euro Kazkommerts Intl BV

02/17

6.88

B

Caa1

B

92.55

-

0.00

0.00

-

Emerging US$ Peru Mexico Brazil Russia Peru Brazil Turkey Poland Colombia Turkey

05/16 09/16 01/18 07/18 03/19 01/21 03/21 04/21 07/21 03/24

8.38 11.40 8.00 11.00 7.13 7.88 5.63 5.13 4.38 2.75

BBB+ BBB+ BBBBB+ BBB+ BBBABBB -

A3 A3 Baa2 Ba1 A3 Baa2 Baa3 A2 Baa2 Baa3

BBB+ BBB+ BBB BBBBBB+ BBB BBBABBB BBB-

121.00 115.45 108.25 118.39 118.29 103.21 107.50 113.27 104.76 108.81

1.23 1.02 4.88 5.05 2.38 4.26 4.25 2.77 3.56 4.60

0.00 -0.25 0.19 -0.04 0.08 0.10 0.02 -0.03 0.05 0.07

0.00 0.17 0.35 -2.05 0.03 0.06 0.14 0.07 0.12 0.11

0.53 0.32 4.18 4.35 0.74 2.63 2.62 1.14 1.93 2.46

Emerging Euro Brazil 02/15 7.38 BBBBaa2 BBB 111.75 0.73 0.00 0.00 0.09 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.80 Mexico 02/20 5.50 BBB+ BBB+ 113.23 2.61 -0.03 -0.13 0.98 Bulgaria 09/25 5.75 BB+ BBB- 126.39 2.86 -0.06 -0.45 0.72 Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

VOLATILITY INDICES Index

Day's change

Markit IBoxx ABF Pan-Asia unhedged Corporates( £) Corporates($) Corporates(€) Eurozone Sov(€) Gilts( £) Global Inflation-Lkd Markit iBoxx £ Non-Gilts Overall ($) Overall( £) Overall(€) Treasuries ($)

176.86 298.94 252.87 216.38 230.60 283.82 241.67 297.45 224.99 285.24 225.29 215.22

-0.46 0.69 0.18 0.15 0.65 1.03 -0.04 0.65 0.20 0.91 0.48 0.24

-1.77 -0.45 -0.87 0.17 0.95 -0.82 -3.20 -0.56 -0.90 -0.74 0.68 -0.96

-0.80 1.85 0.96 1.73 4.03 -0.64 -3.66 1.35 0.37 -0.03 3.11 0.07

-2.10 -1.07 -0.87 0.67 1.98 -2.02 -2.77 -1.21 -0.90 -1.77 1.50 -0.96

2.08 11.61 0.96 7.84 13.98 11.80 -2.32 11.12 0.37 11.57 11.54 0.07

FTSE Sterling Corporate (£) Euro Corporate (€) Euro Emerging Mkts (€) Eurozone Govt Bond

114.94 111.56 1084.77 119.64

0.07 0.09 26.81 0.66

-

-

-1.30 0.46 11.65 2.44

6.38 6.11 14.54 12.12

Index

Day's change

Week's change

Month's change

Series high

Series low

253.96 49.31 59.86 56.73

-7.75 -1.17 -0.19 -1.13

-9.14 -0.86 -0.06 0.54

-60.94 -9.80 -3.44 -11.14

419.37 80.45 79.33 85.99

247.02 47.80 58.50 52.47

CREDIT INDICES Markit iTraxx Crossover 5Y Europe 5Y Japan 5Y Senior Financials 5Y

Month's change

Year change

Return 1 month

Return 1 year

Markit CDX Emerging Markets 5Y 417.23 8.86 40.36 33.21 420.12 238.47 Nth Amer High Yld 5Y 325.30 7.70 0.00 0.00 325.30 310.33 Nth Amer Inv Grade 5Y 64.94 1.42 3.22 -1.14 75.99 60.14 Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED Price Month Value No of Yield Oct 03 Oct 03 Prev return stock Market stocks Can 4.25%' 21 134.55 -0.749 -0.760 -1.42 5.18 71616.95 7 Fr 2.25%' 20 118.26 -1.037 -1.032 1.14 19.98 223736.57 15 Swe 0.25%' 22 107.37 -0.666 -0.658 0.03 29.46 214857.58 5 UK 2.5%' 16 327.27 -1.972 -1.972 -0.02 7.90 468309.82 24 UK 2.5%' 24 340.77 -0.818 -0.733 -0.74 6.82 468309.82 24 UK 2%' 35 225.71 -0.634 -0.556 -2.04 9.08 468309.82 24 US 0.625%' 21 103.12 0.132 0.154 -1.69 35.84 1079138.02 36 US 3.625%' 28 138.82 0.549 0.154 -2.06 16.78 1079138.02 36 Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par amount.

BONDS: TEN YEAR GOVT SPREADS Bid Yield

Spread Spread vs vs Bund T-Bonds

Australia 2.60 2.39 0.46 Italy Austria 0.31 0.09 -1.83 Japan Belgium 0.43 0.22 -1.71 Netherlands Canada 1.53 1.32 -0.61 Norway Denmark 0.25 0.03 -1.90 Portugal Finland 0.34 0.13 -1.80 Spain France 0.47 0.26 -1.67 Switzerland Germany 0.21 0.00 -1.93 United Kingdom Greece 10.52 10.31 8.38 United States Ireland 0.65 0.43 -1.49 Data provided by SIX Financial Information & Tullett Prebon Information

Bid Yield 1.15 0.42 0.25 1.45 1.61 1.17 0.00 1.85 2.14

Spread Spread vs vs Bund T-Bonds 0.94 0.21 0.04 1.24 1.40 0.96 -0.22 1.63 1.93

-0.99 -1.72 -1.89 -0.69 -0.53 -0.97 -2.14 -0.29 0.00

Stock

1.60 18.76 43909.64 2.06 19.42 59282.83 1.85 21.37 106482.28 2.12 57.03 109034.97 1.05 42.11 24084.5 1.47 10.77 43150.96 1.46 28.12 28810.51 2.18 28.91 25983.45 3.13 14.15 48250.29 0.87 25.80 27378.35 51.28 94133.45 0.75 33.38 40223.14 3.90 10.66 194673.88 1.93 12.01 22912.54 0.03 16.06 31129.43 2.68 16.96 144259.91 0.07 24.82 158761.44 1.87 29.95 32482.53 2.92 26.23 175086.37 27.01 37092.12 2.00 30.03 61581.78 1.49 18.93 123733.86 4.44 13.90 75488.6 1.69 13.67 28859.43 0.89 32.10 64930.35 1.54 28.15 48500.47 2.11 85.20 28351.98 1.79 18.27 33505.07 1.96 15.89 25096.37 1.04 26.76 114280.67 0.45 24.25 59546.47 2.55 11.34 30632.74 0.65 58.89 36284.44 1.56 15.43 23778.02 16.53 43054.88 1.52 12.31 25872.83 1.07 23.85 174868.08 3.35 32.02 40434.49 3.13 16.88 54156.97 4.06 22.40 52537.55 2.22 21.21 71790.28 2.82 18.47 31148.1 - 1707.76 72209.54 0.97 30.38 34264.13 1.66 20.36 51133.6 3.04 18.36 38035.56 0.57 16.99 47467.92 2.53 45.96 27565 3.73 17.68 27368.5 32.10 59053.19 3.08 11.54 352437.88 73.71 173472.42 0.39 22.72 48605.11 3.04 20.86 61190.16 0.94 14.44 32210.63 6.37 -15.59 19559.82 1.75 17.63 43884.52 3.39 17.40 253535.07 2.08 77.66 25704.29 2.97 22.66 31213.76 3.04 23.71 60839.63 14.05 147406.08 1.17 11.26 80232.7 28.60 159448.77 1.46 10.69 35099.94 17.98 31112.54 1.75 13.31 59809.41 42.86 27608.88 4.11 54.16 25940.62 1.49 27.63 149006.74 1.78 19.43 78775.04 2.60 10.49 154984.91 1.80 21.49 36499.01 83.68 27355.79 1.09 28.19 25605.21 2.67 14.57 153114.88 0.92 34.52 26338.79 2.69 18.00 273377.65 1.82 22.77 31648.85 2.51 10.97 224593.55 3.09 27.79 38035.63 4.09 46.67 84797.37 3.38 36.47 35849.67 0.83 24.64 36706.85 1.37 29.64 26341.42 3.73 15.26 41059.41 - -42.35 13142.36 2.74 32.10 76066.18 - -2155.55 28982.96 2.67 18.35 62236.29 1.05 30.86 71090.44

52 Week High Low

Price Day Chg

Lyondell♦ 85.11 0.73 115.40 Marathon Ptl 96.87 0.75 108.32 Marsh&M 55.72 0.09 58.74 MasterCard 86.97 -1.87 93.00 McDonald's♦ 94.96 -1.33 103.78 McGraw Hill 102.56 1.01 105.66 McKesson♦ 222.18 1.33 231.55 Medtronic 76.05 0.18 79.45 Merck 56.06 -0.52 63.62 Metlife♦ 50.86 0.32 57.57 MicronTech 27.88 0.27 36.59 Microsoft♦ 41.98 -0.05 50.05 MondelezInt 34.34 -0.16 39.54 Monsanto 116.91 -0.13 128.79 MorganStly 34.95 0.07 39.19 News Corp A♦ 34.19 -0.10 39.27 NextEraE♦ 97.98 -0.01 112.64 Nike♦ 95.34 -1.17 99.50 NorfolkS 108.22 0.64 117.64 Northrop♦ 158.03 -0.31 172.30 NtlOilVarc♦ 50.16 -0.06 86.55 Occid Pet♦ 74.26 0.44 101.38 Oracle 41.47 -0.35 46.71 Paccar 60.99 0.49 71.15 Pepsico♦ 93.63 -0.80 100.76 Pfizer 33.63 -0.15 34.97 PG&E 51.38 -0.39 60.21 Phillips66 74.55 0.52 87.98 PhilMorris 77.82 -1.43 91.63 PNCFin 93.32 0.44 95.21 PPG Inds♦ 225.18 -2.49 237.90 PPL♦ 31.40 -0.23 38.14 Praxair♦ 124.22 -0.14 135.24 Prec Cast♦ 209.48 -0.52 275.09 Priceline 1177.55 -13.54 1347.69 ProctGmbl 81.39 -0.15 93.89 Prudntl♦ 80.46 0.59 94.30 PublStor 185.86 -0.79 206.92 Qualcomm♦ 70.27 -1.62 81.97 Raytheon 105.44 0.50 111.47 Regen Pharm 424.55 1.71 437.64 ReynoldsAm♦ 69.87 -0.43 76.23 Salesforce 63.68 -0.08 71.00 Schlmbrg♦ 81.27 -0.04 118.76 SempraEgy 106.15 -0.65 116.30 Shrwin-Will♦ 280.95 -0.51 291.27 SimonProp 179.35 -0.57 206.31 SouthCpr 28.91 0.58 33.90 SouthwestAir♦ 43.84 0.90 47.17 SpectraEn 34.05 -0.76 43.12 Starbucks 91.42 -0.76 94.83 StateSt 72.42 1.08 80.92 Stryker 90.46 0.16 98.24 Sychrony Fin 31.55 0.45 33.96 Target 77.78 0.11 79.00 TE Connect♦ 71.06 -0.39 73.09 TeslaMotors 193.74 3.42 291.42 TexasInstr 57.17 0.07 59.99 TheTrvelers♦ 105.67 0.94 108.53 ThrmoFshr 127.94 0.91 132.00 TimeWrnr♦ 82.94 -0.44 88.13 TimeWrnrC♦ 152.64 -2.06 159.94 TJX Cos 67.15 -0.46 69.87 UnionPac♦ 114.29 -0.46 124.52 UPS B 98.72 -0.75 114.40 USBancorp 43.75 0.04 46.10 Utd Cntl Hldg 65.97 1.36 74.52 UtdHlthcre♦ 112.72 0.64 116.58 UtdTech 118.34 0.94 124.45 ValeroEngy 57.74 -0.03 62.91 Verizon 47.68 0.17 53.66 VertexPharm 122.64 -1.50 127.69 VF Cp♦ 72.72 -1.26 77.83 Viacom♦ 69.12 -0.73 89.76 Visa Inc 264.75 -0.45 278.65 Walgreen♦ 76.05 -0.74 77.98 WalMartSto 80.69 -0.89 90.97 Wellpoint♦ 128.71 0.94 129.96 WellsFargo 53.70 0.41 55.95 WestrnDigl 97.89 -1.50 114.69 Williams Cos♦ 46.24 -0.87 59.77 Yahoo 42.50 -0.18 52.62 Yum!Brnds 76.50 -1.38 83.58

Yld

70.06 74.64 46.78 68.68 87.62 71.93 162.90 55.85 52.49 46.10 21.02 37.51 31.83 105.76 28.31 31.01 90.33 70.60 91.91 116.11 49.25 72.32 35.82 55.34 80.86 27.51 41.57 57.33 77.38 76.69 171.56 31.31 117.32 186.17 990.69 77.29 74.51 162.34 62.26 89.17 269.50 52.68 48.18 75.60 93.00 188.25 157.08 23.60 22.35 32.43 67.93 62.67 75.78 22.60 55.25 51.03 177.22 41.47 82.32 107.33 62.44 128.78 51.91 90.36 94.05 38.10 36.65 73.61 97.30 42.53 45.09 59.79 57.57 63.11 194.84 55.27 72.61 81.84 46.44 80.78 39.31 32.15 65.81

P/E MCap m

3.04 11.10 40597.24 1.82 11.49 26451.6 1.82 22.27 30020.79 0.54 29.32 96646.39 3.31 20.54 91267.83 1.12 -99.07 28050.16 0.41 31.64 51733.4 1.56 24.51 74857.27 3.03 14.37 159109.1 2.50 9.79 56833.16 9.48 30035.5 2.63 17.68 344394.91 1.62 27.99 56643.15 1.45 24.27 56500.95 0.96 22.65 69082.62 0.70 8.46 45391.14 2.84 18.25 43449.53 0.96 29.78 65439.53 1.97 17.69 33268.12 1.64 16.90 31921.95 3.13 9.18 20562.34 3.72-430.40 57221.07 1.10 18.14 182109.99 1.35 16.68 21621.92 2.59 22.90 138794.16 2.96 24.88 206113.41 3.40 17.54 23518.14 2.43 10.95 40517.76 4.78 17.05 120382.17 1.93 13.25 48590.76 1.12 29.00 30713.98 4.55 13.76 20942.8 2.01 22.61 35873.39 0.05 16.83 29697.49 26.90 61160.99 2.98 22.49 219794.5 2.59 26.73 36528.84 2.89 36.93 32118.18 2.20 15.50 115914.59 2.20 15.78 32514.32 - 144.32 42728.87 3.68 27.00 37120.78 - -152.04 41430.21 1.89 19.67 103855.45 2.38 23.91 26101.62 0.75 33.20 26709.54 2.75 42.14 56384.35 1.53 18.74 23321.44 0.48 28.02 29635.57 3.87 22.06 22850.6 1.15 28.92 68546.72 1.54 16.54 29857.36 1.34 70.15 34261.72 11.82 26305.27 2.17 34.89 49543.09 1.51 16.17 28866.05 - -85.61 24291.47 2.08 22.83 59865.13 1.95 10.23 33959.02 0.45 28.34 50764.39 1.47 19.62 68883.49 1.88 22.19 42876.63 0.89 23.74 46259.66 1.60 20.74 100721.95 2.60 31.39 69307.19 2.11 14.82 77927.04 23.71 25347.41 1.19 20.64 107500.52 1.91 18.10 107352.96 1.74 8.64 29729.65 4.34 20.57 198129.86 - -40.75 29689.78 1.46 31.88 31120.46 1.79 13.25 24548.28 0.61 30.88 129982.26 1.71 36.06 72276.92 2.21 18.16 260079.19 1.36 14.31 34744.16 2.41 13.67 276677.48 1.47 15.78 22615.68 4.06 16.58 34582.73 5.92 39785.14 1.90 34.40 33133.32

Closing prices and highs & lows are in traded currency (with variations for that country indicated by stock), market capitalisation is in USD. Highs & lows are based on intraday trading over a rolling 52 week period. ♦ ex-dividend ■ ex-capital redistribution # price at time of suspension

Mar 11 US$ Bear Stearns Cos, LLC Halliburton Company SouthTrust Bank Citigroup Inc. Duke Energy Florida, Inc. Baxter Intl Inc. Euro Goldman Sachs Group, Inc. (The) Citigroup Inc. Philip Morris Intl, Inc. BG Energy Capital plc Yen Wal-Mart Stores, Inc. £ Sterling IPIC GMTN Limited Barclays Bank plc

Red date Coupon

Ratings M*

Bid yield

Day's chge yield

Mth's Spread chge vs yield US

F*

Bid price

03/26 02/27 12/27 01/28 02/28 02/28

6.00 6.75 6.57 6.63 6.75 6.63

A A A+ ABBB+ A-

A3 A2 A1 Baa2 A3 A3

A+ AA+ A AA

99.92 121.03 122.43 125.01 125.83 125.45

6.10 4.50 4.31 4.14 4.18 4.11

0.01 0.00 -0.02 0.03 -0.01 0.11

0.06 0.08 0.15 0.31 0.09 0.20

3.96 -

06/26 09/26 05/29 11/29

2.88 2.13 2.88 2.25

AAA A-

Baa1 Baa2 A2 A2

A A A A-

115.17 107.39 119.01 108.40

1.40 1.42 1.39 1.60

-0.07 -0.07 -0.08 0.00

-0.20 -0.15 -0.09 -0.07

-0.74 -0.72 -

07/15

0.94

AA

Aa2

AA

100.25

0.26

0.00

0.00

-

03/26 09/26

6.88 5.75

AA BBB-

Aa2 Baa3

AA A-

132.44 117.72

3.31 3.82

0.00 -0.12

-0.03 -0.05

1.17 1.67

S*

Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M Moody’s, F - Fitch.

GILTS: UK CASH MARKET

Mar 11 Day Chng Prev 52 wk high 52 wk low VIX 16.87 0.18 16.69 31.06 10.28 VXD 16.14 0.47 15.67 23.19 7.64 VXN 18.42 0.40 18.02 31.17 9.66 VDAX 15.81 -0.83 16.64 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. ‡ Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT Red Bid Date Coupon Price Australia 10/18 3.25 104.60 04/25 3.25 105.74 Austria 10/18 1.15 104.37 10/24 1.65 112.70 Belgium 06/18 0.75 102.05 06/25 0.80 103.72 Canada 11/16 1.00 100.68 06/25 2.25 106.78 Denmark 11/16 2.50 105.33 11/25 1.75 115.83 Finland 09/18 1.13 104.45 07/25 4.00 137.04 France 11/16 0.25 100.70 11/19 0.50 102.55 05/25 0.50 100.29 05/45 3.25 155.40 Germany 06/16 0.25 100.57 10/19 0.25 101.86 02/25 0.50 102.82 08/46 2.50 150.84 Greece 07/17 3.38 73.86 02/25 3.00 57.53 Ireland 10/17 5.50 114.36 03/24 3.40 124.02 Italy 05/17 1.15 102.10 12/19 1.05 102.86 06/25 1.50 103.40 09/46 3.25 128.37 Japan 03/17 0.10 100.13 03/20 0.05 99.61 03/25 0.40 99.78 03/45 1.50 99.84 Netherlands 04/17 0.50 101.42 07/24 2.00 116.09 New Zealand 12/17 6.00 107.13 Norway 05/17 4.25 107.47 03/24 3.00 112.98 Portugal 02/16 6.40 106.00 10/25 2.88 112.23 Spain 10/17 0.50 100.87 04/25 1.60 104.07 Sweden 08/17 3.75 109.48 05/25 2.50 117.33 Switzerland 10/16 2.00 104.56 05/26 1.25 114.04 United Kingdom 07/18 1.25 100.74 07/20 2.00 102.94 09/24 2.75 107.83 01/45 3.50 118.32 United States 02/17 0.50 99.61 02/20 1.38 98.78 02/25 2.00 98.74 02/45 2.50 95.57 Data provided by SIX Financial Information & Tullett Prebon Information

P/E MCap m

BONDS: GLOBAL INVESTMENT GRADE Day's chge yield

Ratings M*

Red date Coupon

32.58 292.20 116.32 46.30 28.86 72.06 63.06 33.11 78.81 48.83 66.85 23.35 98.88 85.19 73.47 21.27 45.18 66.44 37.88 41.51 62.53 47.74 60.64 17.03 110.36 65.97 71.29 27.14 124.30 72.05 70.12 78.88 30.12 51.76 72.28 54.02 76.31 64.71 41.45 68.10 63.70 57.11 46.34 97.78 24.92 55.50 81.07 56.51 29.68 64.64 84.00 54.66 130.64 13.26 49.12 16.43 104.22 23.41 21.31 48.32 28.82 63.50 151.65 490.91 37.21 47.17 28.75 20.72 56.45 74.61 82.89 149.52 79.06 127.69 182.40 24.40 72.44 92.46 38.60 52.97 99.20 30.81 53.33 43.02 53.03 49.82 37.98 56.81 136.02 153.54 44.13

Yld

Bid Day chg Wk chg Month Year Yield yield yield chg yld chg yld 1.92 0.00 -0.04 -0.08 -1.44 2.60 0.02 -0.04 -0.02 -1.67 0.06 -0.01 0.05 0.06 0.00 0.31 -0.02 -0.18 -0.16 0.00 0.11 0.00 -0.03 -0.07 -1.10 0.43 -0.04 -0.19 -0.26 0.00 0.58 0.00 0.00 0.14 0.00 1.53 0.00 0.02 0.08 0.00 -0.65 0.00 0.00 0.00 0.00 0.25 0.00 -0.12 0.13 0.00 0.14 0.00 0.09 0.07 0.00 0.34 -0.01 -0.19 -0.15 0.00 -0.16 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.00 0.47 -0.06 -0.21 -0.21 0.00 1.09 -0.11 -0.37 -0.30 -2.14 -0.21 0.00 0.00 0.00 0.00 -0.15 0.00 0.00 0.00 0.00 0.21 -0.02 -0.17 -0.15 0.00 0.69 -0.07 -0.34 -0.25 -1.85 17.96 1.82 4.19 -2.46 0.00 10.52 0.29 1.06 0.10 3.56 -0.02 0.00 0.00 0.00 0.00 0.65 -0.01 -0.18 -0.41 -2.39 0.18 -0.01 -0.08 -0.24 0.00 0.44 -0.03 -0.17 -0.45 0.00 1.15 -0.09 -0.26 0.00 0.00 2.04 -0.18 -0.40 -0.70 0.00 0.04 0.00 0.01 0.00 0.00 0.13 -0.02 0.03 -0.01 0.00 0.42 -0.03 0.01 0.00 0.00 1.51 -0.02 0.00 0.00 0.00 -0.18 0.00 0.00 0.00 0.00 0.25 -0.03 -0.19 -0.18 0.00 3.29 -0.02 0.05 0.01 -1.27 0.77 0.00 -0.04 0.03 -1.11 1.45 -0.04 -0.05 0.15 0.00 -0.10 0.00 0.00 0.00 0.00 1.61 -0.09 -0.27 -0.95 0.00 0.17 -0.02 -0.10 -0.32 0.00 1.17 -0.08 -0.20 -0.50 0.00 -0.16 0.00 0.00 0.00 0.00 0.73 0.00 -0.05 0.10 0.00 -0.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.02 0.02 -0.05 0.09 -0.62 1.43 0.02 -0.04 0.15 0.00 1.85 0.02 -0.06 0.17 0.00 2.61 0.02 -0.01 0.21 0.00 0.70 0.02 0.04 0.00 0.00 1.63 0.03 0.05 0.00 0.00 2.14 0.02 0.03 0.14 0.00 2.72 0.00 0.00 0.00 0.00

Red 52 Week Amnt Change in Yield Mar 11 Price £ Yield Day Week Month Year High Low £m Tr 2pc '16 101.39 0.39 2.63 -2.50 -2.50 -39.06 102.58 101.39 0.32 Tr 1.75pc '17 102.23 0.55 1.85 -9.84 1.85 -46.08 102.68 101.07 0.29 Tr 5pc '18 112.20 0.85 1.19 -5.56 8.97 -40.97 113.99 111.68 0.35 Tr 4.5pc '19 113.20 1.11 0.91 -4.31 13.27 -37.99 115.07 111.17 0.36 Tr 4.75pc '20 116.62 1.30 0.78 -4.41 10.17 -36.89 119.04 113.53 0.33 Tr 8pc '21 138.98 1.44 0.00 -4.64 11.63 -37.66 142.92 135.65 0.24 Tr 4pc '22 116.30 1.53 0.66 -4.38 10.07 -38.06 119.85 110.38 0.38 Tr 5pc '25 129.05 1.81 0.56 -3.72 9.70 -37.59 134.70 119.37 0.35 Tr 4.25pc '27 124.83 2.03 0.50 -2.87 9.73 -35.14 131.90 112.57 0.31 Tr 4.25pc '32 127.23 2.32 0.00 -1.69 8.92 -30.54 136.85 112.28 0.35 Tr 4.25pc '36 129.08 2.47 0.41 -1.20 8.81 -27.99 140.37 112.29 0.26 Tr 4.5pc '42 138.50 2.55 0.00 -1.16 8.51 -26.72 153.16 117.98 0.26 Tr 3.75pc '52 127.80 2.59 0.39 -0.38 9.28 -25.79 145.21 104.84 0.22 Tr 4pc '60 138.06 2.57 0.39 -0.39 9.36 -25.29 159.23 111.89 0.21 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield. This table shows the gilts benchmarks & the non-rump undated stocks.

GILTS: UK FTSE ACTUARIES INDICES Price Indices Fixed Coupon 1 Up to 5 Years 2 5 - 10 Years 3 10 - 15 Years 4 5 - 15 Years 5 Over 15 Years 7 All stocks Index Linked 1 Up to 5 Years 2 Over 5 years 3 5-15 years 4 Over 15 years 5 All stocks Yield Indices 5 Yrs 10 Yrs 15 Yrs

Day's chg % -0.02 -0.03 -0.06 -0.04 -0.13 -0.07

Mar 11 99.03 179.75 208.27 186.18 295.72 172.39 Mar 11 311.67 544.49 428.68 657.39 506.64 Mar 11 1.27 1.90 2.27

Day's chg % -0.05 -0.07 -0.12 -0.04 -0.07

Mar 10 1.26 1.89 2.26

Yr ago 1.83 2.83 3.25

Total Return 2341.94 3185.29 3738.86 3318.45 4188.97 3162.88

Month chg % -0.31 -2.47 -0.90 -3.15 -2.24

Return 1 month -0.12 -0.68 -1.41 -0.93 -3.42 -1.72

Year's chg % -2.50 13.71 4.53 18.67 11.88

20 Yrs 45 Yrs

inflation 0% Mar 11 Dur yrs Previous Yr ago Mar 11 Real yield Up to 5 yrs -1.17 2.35 -1.19 -1.40 -1.78 Over 5 yrs -0.60 22.35 -0.60 0.00 -0.63 5-15 yrs -0.71 8.99 -0.73 -0.22 -0.83 Over 15 yrs -0.58 28.19 -0.58 0.03 -0.60 All stocks -0.61 20.19 -0.61 -0.03 -0.65 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total Return 2356.86 3994.18 3226.38 4739.31 3761.73 Mar 11 2.47 2.59

Return 1 year 2.35 7.86 13.78 9.52 20.97 11.00

Yield 0.99 1.63 2.03 1.74 2.52 2.24

Return 1 month -0.31 -2.47 -0.90 -3.15 -2.24

Return 1 year -0.79 14.70 5.82 19.48 12.96

Mar 10 2.46 2.58

Yr ago 3.43 3.46

inflation 5% Dur yrs Previous 2.37 -1.81 22.47 -0.63 9.02 -0.85 28.26 -0.61 20.33 -0.65

Yr ago -2.00 -0.04 -0.36 0.01 -0.07

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail [email protected]

Data provided by Morningstar | www.morningstar.co.uk

★★★

28

FINANCIAL TIMES

Thursday 12 March 2015

FINANCIAL TIMES SHARE SERVICE Main Market 52 Week High Low

Price +/-Chg

Yld

P/E

Vol 000s

Aerospace & Defence AvonRub♦ BAE Sys Chemring Cobham Meggitt RollsRoyceX Senior UltraElc

758.50 536.00 216.75 317.50 550.50 976.00 328.90 1751

-12.50 2.50 0.75 2.40 3.50 3.00 -3.10 24.00

810.00 542.50 287.50 349.10 580.00 1108 352.40 1909.1

580.00 374.10 181.50 258.30 421.70 777.00 248.90 1642

0.63 3.92 2.86 3.05 2.40 2.30 1.60 2.49

17.93 13.5 92.61 7050.3 -309.64 77.7 30.70 2072.1 21.06 1439.9 -250.26 5169.3 21.84 659.7 28.49 160.8

Automobiles & Parts FordMtr $X GKN

15.75 357.80

0.03 18.12 13.26 3.04 20.86 20426.2 5.80 468.00 281.10 2.29 12.18 5809.3

Banks ANZ A$X BcoSant BankAm $X♦ BnkGeorgia BankIre € BkNvaS C$X BarclaysX♦ CanImp C$X HSBCX♦ LlydsBkgX RylBkC C$X RBSX StandChX ..7.375%Pf ..8.25%Pf TntoDom C$X Westpc A$X

35.22 454.50 16.11 1850 0.35 62.74 255.00 92.58 561.80 78.16 75.98 360.10 1024.5 123.75 136.25 53.53 37.50

-0.08 2.50 0.32 6.00 0.01 0.12 0.70 0.60 1.90 -0.59 0.29 0.30 6.00 0.33 -0.17

36.09 758.00 18.21 2795.69 0.36 74.93 269.94 107.37 737.00 81.98 83.87 414.00 1355.5 128.00 139.75 58.20 38.97

30.47 416.37 14.37 1686 0.07 60.75 201.75 88.04 556.80 70.02 71.04 291.60 867.50 108.50 124.50 49.67 31.33

5.26 9.77 0.71 3.77 4.15 2.55 4.34 5.60 3.85 4.81 5.96 6.06 3.52 5.05

12.88 12.74 46.95 8.11 -12.73 11.01

3511.6 967.9 81240.4 76.0 23482.0 2507.6 -346.94 39519.1 12.74 811.4 12.20 31849.3 237.57 143166.7 12.10 1729.9 -6.33 16111.3 10.07 5312.5 90.3 22.0 12.87 2673.5 15.09 2968.3

Basic Resource (Ex Mining) Ferrexpo IntFerMet Mondi Vale BRLX

56.50 3.75 1332 18.86

3.75 163.10 47.60 7.21 2.33 3793.5 12.63 2.65 -2.29 112.5 23.00 1364 919.00 2.23 17.93 1794.7 -0.24 34.44 17.65 11.75 -8.53 11122.9

Chemicals Alent Bayer €X Carclo♦ Croda Elemntis Porvair Syngent SFrX Synthomer Victrex

399.10 141.10 132.00 2678 275.70 299.75 334.40 292.00 1841

11.10 4.95 0.25 15.00 0.80 5.75 6.50 1.00 -19.00

400.30 141.40 197.75 2849 305.10 347.75 350.30 302.08 2202.55

294.56 91.31 80.00 1965 225.50 237.53 273.20 176.64 1536

2.25 1.63 2.01 2.53 1.73 1.00 3.27 2.15 2.39

17.03 31.05 -4.67 21.12 19.31 21.16 19.68 21.77 19.53

368.4 2397.8 45.4 1094.8 2409.1 17.8 329.5 2051.7 308.0

159.90 309.50 120.58 232.25 88.56 322.00 2478.5 1531 1143 1886 18.13 92.50 264.00 875.00 22.56 46.40 342.00

108.66 145.59 101.00 170.00 37.50 248.00 1220 1044 742.00 1374 11.03 44.25 151.00 570.00 14.69 29.51 228.25

3.25 6.05 8.08 2.32 4.46 3.76 2.87 3.53 2.57 4.20 0.89 4.48 2.03 3.60 3.09 1.72 1.96

13.31 88.89 17.94 49.75 16.84 -16.44 15.29 47.92 35.43 27.72 17.51 28.46 13.58 6.97 21.25 93.05

10.0 2265.1 75.1 30.8 34.7 275.4 3912.8 227.8 120.1 111.3 131.0 135.9 128.9 9.7 162.0 2327.2 1765.7

Construction & Materials Alumasc♦ BalfourB ..CvPf Boot(H) ClarkeT Costain CRH♦ GalfrdT Keller KierGp♦ Kingsp € LowBonr Marshlls MorgSdl Norcros StGobn €X Tyman

154.00 232.90 119.75 220.00 69.50 317.00 1742 1500 969.00 1714 17.80 60.25 258.75 750.00 16.50 40.70 315.25

-1.50 1.30 2.00 -3.50 5.50 43.00 15.00 -7.00 -33.00 0.41 -0.75 1.75 0.88 -2.50

Electronic & Electrical Equip Dialight e2v Tech Halma MorganAd OxfordIn♦ Renishaw♦ Spectris TT Elect XP Power

750.00 198.75 695.00 321.40 821.00 2413 2186 129.50 1543

3.00 1.25 15.00 -6.00 -1.50 63.00 18.00 -3.00 3.00

992.00 205.75 720.50 366.65 1455 2672.9 2420 225.00 1740

605.00 145.44 552.50 258.10 671.58 1470 1606 96.00 1340

1.92 2.21 1.61 3.27 1.51 1.71 2.03 4.17 3.63

31.83 16.21 23.62 21.99 70.15 15.75 18.64 50.04 14.88

64.3 62.5 662.2 627.3 150.4 62.6 280.9 103.8 8.8

480.00 450.70 280.80 308.00 352.50 349.00 329.75 1611 32.02

El Oro FriendsLf GuinPeat Hargr Lans HBM Hlth SFr HenderGp ICAP Indvardn SKr ICG IPF Investec Jupiter Liontrust Man NB GFRIF Paragon Providnt RathbnBr Record S&U Schroder ..N/V SVG Cap TullettPre Tungsten WlkrCrip

50.00 417.50 23.00 1116 105.90 261.10 528.00 153.50 474.00 436.60 562.50 416.20 278.00 193.20 95.20 415.00 2647 2050 34.25 2110 3128 2393 488.20 364.60 181.00 45.25

52 Week High Low

Yld

P/E

Vol 000s

-0.20 0.50 1.00 1.90 -1.30 6.00 1.30 -5.10 3.40 4.50 3.90 2.00 3.50 -0.60 5.00 -13.00 -46.00 66.00 44.00 2.70 7.10 2.25 -

80.00 440.19 36.63 1513 107.00 275.40 541.00 161.40 512.00 636.50 606.50 430.70 306.25 201.00 100.70 444.40 2800.28 2280 43.90 2130 3181 2463 494.10 378.40 409.75 53.60

42.00 286.60 19.00 827.00 70.25 180.10 338.70 111.40 361.70 412.00 434.50 313.70 208.00 87.45 93.75 313.70 1846 1702.52 28.38 1700 2086 1692 226.00 234.40 136.70 37.50

7.40 5.06 2.01 3.06 4.17 3.78 4.28 2.22 3.38 3.08 1.08 2.43 3.76 1.88 3.21 2.49 4.38 2.56 1.91 2.50 4.62 3.46

-4.28 -60.25 -53.99 32.77 2.55 33.68 30.74 12.78 13.30 14.86 17.73 15.32 24.60 112.78 20.55 13.33 23.67 23.15 13.67 16.23 23.94 18.31 12.18 28.18 -8.96 8.39

10.0 3147.5 11471.1 849.9 20.5 1828.2 1339.4 1007.1 863.6 428.1 1225.5 713.5 33.9 11706.6 2822.3 1149.2 265.1 27.8 61.4 0.6 412.2 56.5 256.0 1106.5 1542.7 14.8

-0.50 22.00 -14.50 -2.50 0.04 -2.00 -26.00 14.00 -9.00 -2.50 0.10 1.30 -2.25 1.29 25.00 -1.25 -4.00 -15.50 -7.25 4.00 -2.10 24.00 0.62

725.00 3293 699.36 788.00 5.02 194.50 1530 1499 531.92 316.00 17.14 340.00 534.50 65.96 76.30 717.00 160.00 488.87 3857 316.75 744.50 174.93 2993.13 40.15

539.00 2407 548.00 600.72 3.16 123.00 1051 1148.42 367.39 203.88 10.40 228.50 342.25 49.30 63.85 355.00 26.13 293.00 2770 185.25 551.50 107.00 2348.7 27.47

0.49 1.08 1.72 2.57 2.89 2.37 2.53 2.29 4.65 3.24 0.68 1.56 3.09 0.71 2.83 1.46 2.20 1.81 4.57 2.21 3.09 2.63

3.21 31.08 24.05 20.53 12.80 11.19 21.61 16.66 19.94 21.07 28.55 28.42 16.61 61.40 25.46 16.89 -1.75 9.71 25.76 14.41 15.51 12.60 20.32 20.26

4.0 730.5 67.0 359.0 76.5 72.7 774.2 64.1 406.5 177.2 30.9 971.8 48.5 60.1 4614.1 2.1 1195.9 0.4 2536.6 507.3 1685.3 582.9 2856.0 10.0

80.00 650.00 122.50 147.25 315.20

4.02 2.17 0.60 1.66

14.81 33.8 18.36 92.9 29.04 1369.8 49.24 86.1 12.84 295.5

95.25 323.50 1333 2033 717.43 291.98 487.25 322.35 390.00 74.00 1176 20.69 289.76 4697 224.00 101.20 1634.12

2.01 1.93 6.96 1.45 2.53 7.02 1.60 3.59 2.40 2.51 0.88 0.47 1.32

Food & Beverages AngloEst AscBrFdX Barr(AG) Britvic C&C € Carr'sMill Coca-Cola H Cranswk Dairy Cr Devro Glanbia € Grncore♦ HiltonFd Kerry € Nestle SFrX NewBrPlm PremFds REA SABMillX StckSpirit Tate&Lyl TongtHu R Unilever ..NV €

597.00 2998 642.00 744.00 3.89 138.00 1089 1400 458.00 280.50 16.68 327.60 412.75 63.86 75.30 600.00 37.75 322.50 3571 190.75 604.50 138.75 2823 39.78

Health Care Equip & Services Bioquell ConstMed GNStre kr Optos UDGHlthC

82.00 836.00 154.60 344.00 453.50

-0.50 -24.50 2.30 2.00 -0.60

141.81 1045 164.10 348.00 479.03

House, Leisure & Pers Goods AGARmst BarrttDev Bellway Berkeley BovisHme CrestNic GamesWk♦ Gleeson♦ Headlam McBride Persimn Philips €X PZCusns♦ ReckittBX Redrow♦ TaylorWm TedBaker

100.75 513.50 1918 2585 931.50 419.30 513.00 374.75 440.00 99.25 1715 26.63 322.70 5715 339.60 146.40 2550

1.75 8.50 -2.00 12.00 -7.00 2.70 2.00 4.50 -2.00 2.25 13.00 0.65 0.40 10.00 -2.80 0.60 -52.00

186.93 533.00 2049 2756 994.00 466.00 683.50 407.65 495.50 115.00 1795 27.02 392.10 5895 370.79 152.73 2691.8

27.05 13.60 12.27 9.88 14.85 10.84 23.32 11.72 22.46 -10.64 16.44 101.17 15.11 22.07 8.85 17.24 35.18

38.9 3130.9 286.4 359.3 536.8 476.4 6.2 25.6 244.2 42.3 1185.0 2754.6 322.7 1294.2 547.5 12711.8 35.9

Industrial Engineering

Financial General 3i AberAsM Ashmore♦ BrewDlph♦ Canaccord CharlsSt CtyLonInv CloseBrs DBAG €

Price +/-Chg

1.70 9.60 2.50 2.40

-3.00 4.25 1.00 0.02

500.50 481.74 379.40 357.60 729.00 493.00 362.00 1707 32.26

343.61 360.76 249.00 236.80 300.00 289.20 240.17 1217 18.25

3.33 3.72 5.86 2.82 3.14 3.51 7.82 3.04 1.02

52 Week High Low

Yld

7.50 1510.7 19.78 4078.2 13.43 1850.7 128.60 350.8 16.17 0.6 -58.82 5.1 15.47 7.8 14.76 363.1 8.28 53.7

Bodycote Castings Fenner Goodwin Hill&Sm IMI MelroseInd Renold Rotork Severfd

759.50 413.00 200.50 2685 648.00 1328 283.10 59.00 2476 66.00

11.50 3.00 -1.50 35.00 45.00 19.00 1.50 0.50 23.00 -1.25

832.00 525.00 434.61 4250 648.50 1613 346.25 69.00 2890 72.05

542.50 373.00 180.50 2375 495.00 1108 252.54 49.00 2146 52.60

1.78 3.14 5.74 1.58 2.57 2.80 3.28 2.02 -

52 Week High Low

Yld

18.63 167.6 10.94 3.1 17.20 546.8 9.78 1.3 22.40 421.7 18.68 568.5 21.51 2726.4 -17.80 11.2 21.91 296.3 149.66 111.1

Price +/-Chg SKF SKr Spirax-S Tex Trifast Vitec Weir

217.70 3300 92.50 100.50 621.75 1811

52 Week High Low

Yld

P/E

Vol 000s

11.50 62.00 -4.50 -5.25 -14.00

218.00 134.80 2.79 53.38 5623.0 3451 2548 1.79 25.03 175.5 101.50 75.00 4.32 8.37 5.7 134.00 75.77 1.39 17.24 418.9 683.50 539.00 3.86 15.54 1.5 2848 1574 2.37 11.80 854.2

8.00 -0.62 -0.66 1.00 2.50 5.60 13.00 0.88 0.40

712.68 67.88 38.10 49.50 603.00 672.90 380.90 1376 26.24 504.50

565.00 55.52 32.27 34.00 424.60 488.20 231.82 1006 14.78 388.80

2.13 2.10 0.64 3.92 3.52 2.43 2.69 3.42 1.94 3.24

15.55 9.6 22.22 337.6 14.05 251.1 14.18 146.4 13.84 3169.4 21.70 816.6 20.77 2680.9 20.00 1189.1 19.97 492.3 11.91 143.4

Industrial General BritPoly JardnMt $X Jard Str $X Macfrlne REXAM RPC Smith DS Smiths SmurfKap € Vesuvius

705.00 64.38 34.70 42.25 556.00 567.50 371.20 1163 26.12 479.00

Industrial Transportation BBA Aviat Braemar Clarkson Eurotunnl € Fisher J Flybe Grp Goldenpt OceanWil RoyalMail UK Mail

331.00 433.25 2010 12.51 1368 57.75 127.00 932.50 437.60 539.00

-2.30 10.00 0.18 -6.00 -1.25 -3.00 12.50 15.20 -

362.10 557.23 2750 12.60 1565 151.56 496.90 1290 599.00 670.00

293.70 390.00 1835 8.31 1003 55.68 124.92 905.00 388.00 380.00

2.72 6.00 2.89 1.36 1.51 3.76 3.04 3.95

15.81 987.3 32.18 17.5 20.17 10.2 54.95 648.7 17.23 79.6 -4.23 1193.7 -3.86 1.6 9.46 1.0 24.04 3218.0 28.49 6.4

1475 501.50 547.00 281.10 305.00 692.00 352.50 330.00 138.75 85.00 804.00 996.00 661.00 283.30 657.00 220.20 0.07 840.50 1634 416.10 64.00 935.50 453.40

26.00 4.00 -2.00 0.20 3.00 2.00 -2.30 1.25 -5.50 3.00 13.00 6.50 0.40 9.00 2.40 0.01 22.00 6.90 11.50 2.30

1583 531.00 578.68 322.33 309.08 719.00 364.75 343.30 142.00 107.25 807.50 1108.23 734.00 286.03 662.38 228.54 0.14 872.00 1687 500.50 76.50 961.50 454.20

1175.33 418.20 442.40 232.60 195.00 479.50 267.25 227.70 121.00 80.00 615.50 815.00 506.00 193.00 495.50 163.80 0.05 560.52 1223 83.05 55.00 637.00 340.70

3.18 5.36 2.74 3.44 4.27 5.07 3.96 6.22 9.88 2.93 2.73 1.40 3.38 3.53 3.68 6.35 2.05 2.43 3.61 1.78 3.57

13.78 8.61 13.96 10.49 13.30 8.49 7.37 14.74 14.07 12.53 20.02 10.42 18.05 13.26 20.75 -6.95 5.93 19.61 -6.41 20.37 32.95 28.88

Insurance Admiral Amlin Aviva Beazley♦■ Brit Plc CatlinGp♦ Chesnar DirectLine Eccles prf Hansard♦ Hiscox JardineL Lancashire Leg&Gen NovaeGp Old Mut PermTSB PhoenixGrp PrudntlX RSA Ins♦ SagicFin StJmsPl Stan Life

849.5 1088.6 7225.5 926.5 420.2 4759.0 52.5 5617.4 60.3 185.1 416.2 92.2 413.9 12214.5 773.1 11305.9 441.2 362.6 3883.5 4822.7 25.0 1161.6 6084.6

1000.00 149.00 66.00 269.00 116.50 847.50 127.50 196.75 247.10 164.50 16.40 16.06 1451 172.00 1122 22.98 385.00 50.43 175.00 1520

-4.00 -1.75 -2.00 -0.50 9.75 3.10 1.50 0.17 0.13 8.00 2.00 5.00 0.25 11.00 1.08 -2.50 16.00

1023 190.00 74.75 377.00 131.95 985.50 227.20 248.30 250.20 175.00 18.41 17.82 1463 176.00 1199 23.16 393.75 50.62 252.50 1569

239.30 1085.5 83.50 110.41 699.00 0.60 9.92 18.50 5.39 13.95 1472

-0.60 4.00 -3.25 -1.92 -12.00 0.05 0.25 0.27 0.36 1.00

318.90 1678.5 193.75 209.52 900.00 0.60 42.50 240.00 11.75 23.40 2102.53

610.50 140.50 55.75 239.00 100.50 699.00 110.00 125.00 167.10 2.90 14.28 14.09 993.50 136.66 851.53 14.51 322.00 36.86 166.99 1091

1.62 3.91 4.04 2.73 3.35 2.30 5.88 3.66 1.42 3.43 4.43 2.22 2.13 0.52 3.07 4.00 2.25

36.98 15.10 -2.57 -86.02 9.74 14.08 14.72 14.30 25.41 -4.46 36.92 36.16 43.22 13.26 26.39 25.07 10.53 86.35 8.91 20.21

1.6 40.2 315.7 11.4 4.6 517.3 2.0 163.0 13321.7 7.0 2341.2 937.9 2489.0 33.0 3341.4 2529.8 152.5 907.7 79.8 5851.2

222.90 0.88 923.00 4.56 74.75 12.22 88.36 620.00 7.92 0.60833.33 9.25 3.61 4.19 11.67 1.75 1247.5 4.67

-46.28 238.15 -2.41 -12.99 19.79 -4.22 -0.47 -0.13 -4.56 9.71

384.7 6960.7 925.1 943.9 3781.3 1798.1 27.0 98.8 2493.9 8550.1

P/E

Vol 000s

Mining Acacia AngloAmerX AngloPacif AnGoldA R Antofagasta ..5%Pf AquarsPl AsiaResM AvocetMng Barrick C$♦ BHP Bltn

BisichMg EVRAZ FstQuant Fresnillo GemDmnd Harmony R Hochschild Kenmr Lonmin Petra Petropvlsk PolymtIntl RndgldRs RioTintoX♦ Troy Res A$ VedantaRs

Yld

P/E

Vol 000s

70.50 184.80 723.00 650.00 141.00 21.20 63.50 4.25 110.80 171.20 5.02 517.50 4545 2844 0.43 521.00

-2.00 0.80 -22.00 -7.00 -2.00 -1.20 -4.50 0.09 -2.70 -0.50 3.00 85.00 14.00 -0.02 -14.00

123.00 198.80 1512 1037 223.00 40.98 206.00 17.05 302.40 220.87 89.50 645.00 5752.1 3530.5 1.41 1201

67.00 51.35 581.50 639.00 137.25 16.60 62.25 2.18 105.70 140.81 4.98 315.18 3638 2600 0.35 353.21

5.67 1.16 0.44 1.01 0.67 4.61 7.29

-10.19 -13.48 8.10 36.24 10.37 -7.32 -3.55 -3.00 -5.44 20.71 0.13 21.87 25.58 12.63 -0.95 282.08

10.0 2350.4 7.9 2005.8 94.9 897.4 1354.2 5708.1 4152.0 734.1 10372.3 383.7 728.4 4538.7 1989.8 1622.3

6.48 2.00 840.00 425.15 9.13 155.00 209.50 502.50 0.02 36.75 131.25 84.02 2.50 511.50 4.05 92.50 375.00 42.00 3.97 466.60 46.75 34.38 106.50 2726.9 586.50 127.10 856.00 138.60 1936 2031.5 81.27 128.88 242.00 53.53 318.60 618.00

0.22 -0.03 -11.20 -2.95 -28.40 -7.50 -8.00 -2.00 -0.75 -0.24 -6.50 0.07 -5.00 -2.00 -0.08 -21.40 0.70 -0.38 -0.50 27.90 -7.00 -3.50 -1.50 -5.80 -0.50 -6.00 -0.04 0.13 -4.90 -0.07 -3.20 -15.50

166.60 3.17 1420 526.80 12.44 210.70 335.00 632.00 3.26 148.40 175.57 104.76 12.50 1084 11.00 137.00 675.00 150.75 7.79 918.83 57.96 65.27 178.00 3297.7 825.00 313.00 1483 358.60 2864 2990.5 118.76 270.00 453.60 63.86 918.78 825.00

4.01 0.64 780.55 2.21 364.40 5.97 8.50 141.00 177.00 6.68 447.50 4.39 0.02 21.50 103.25 84.00 3.08 1.97 507.00 3.60 94.50 265.00 34.25 3.41 383.90 3.77 44.08 1.17 10.23 93.50 1762.6 370.00 3.13 112.70 594.00 4.57 124.50 3.55 1929 6.06 1984.5 5.62 75.60 1.89 97.50 234.80 15.63 48.67 3.79 314.70 3.58 517.60 2.16

0.22 -2.18 16.00 32.44 -2.23 -3.89 44.99 7.54 0.00 3.20 7.57 11.54 -4.02 16.82 6.08 10.68 -10.16 -17.66 -4.65 10.71 9.95 14.12 7.32 6.39 10.55 12.91 9.26 5.44 12.32 12.93 19.67 3.81 17.34 20.65 -24.96 14.10

57179.8 3514.6 16127.4 29376.6 48.4 14365.5 748.4 637.1 0.4 3668.7 3.1 12967.9 1124.5 1469.2 45.6 1.0 0.2 2498.6 62.5 1285.2 565.7 186.4 227.8 1278.7 1202.2 4148.3 1564.3 4860.1 5717.8 5161.0 6131.2 115.0 435.1 948.5 7255.7 1420.3

Oil & Gas Afren Aminex BGX BPX♦ Cadogan CairnEng Cape DragnOil Endeav Int' $ EnQuest Exillon ExxonMb $X FastnetO&G GenelEgy GeoPark $ GreatEEgy GrnDnGas GulfKeyst HellenPet € Hunting ImpOil C$X JKX Lamprell Lukoil RUBX Nostrum OphirEgy Petrofac PremOil RylDShlAX ..B Schlmbrg $X♦ SEPLAT Soco Int TrnCan C$X Tullow Wood(J)

Pharmaceuticals & Biotech

Media 4imprint Blmsbury Centaur ChimeCm Creston DlyMailA HaynesPb ITE Grp ITV JohnstnP News Corp A $ NewsCpB $ Pearson Quarto Reed ElsX ReedElsNV € STV Grp ThmReut C$X♦ UTV Med WPPX

52 Week High Low

Price +/-Chg

BTG 770.50 CathayIn 18.00 Dechra 950.50 Genus♦ 1341 1519 GlaxoSmhX♦ HikmaPhm 2243 Oxfd Bio 9.75 RichterG $ 13.11 5310 ShireX VecturGp 146.00

12.50 23.00 18.00 -4.50 -73.00 -0.15 0.16 65.00 -0.50

835.87 41.06 950.50 1411.27 1689 2617 10.35 19.31 5470 162.00

8.65

-0.10

8.90

55.75 609.50 808.00 56.50 517.00 3342 786.00 1.62 655.00 111.50 1.17 850.00 338.20 1211 157.40 232.00 490.00 386.25 56.00

-0.50 -0.50 -1.00 -0.25 -3.00 3.00 -5.00 0.03 3.50 -1.60 -5.00 3.30 -4.00 -1.20 -3.00 6.00 0.50 -

57.75 668.00 866.14 58.00 701.00 3478 829.00 1.63 708.00 120.30 1.22 874.75 376.50 1312 163.50 260.00 510.00 395.75 59.20

490.20 17.00 655.00 924.50 1200.67 1460 1.77 12.20 2827 113.25

1.62 1.32 5.27 0.54 1.48 0.25 -

70.73 545.8 -39.22 100.0 37.75 260.9 25.68 73.1 26.81 7759.0 24.78 938.7 -14.17 3219.3 20.64 0.0 14.91 958.1 -83.14 258.0

Real Estate CoalfieldR

REITs

Assura BigYellw BritLand Cap&Reg Countrywd DrwntLdn Gt Portld Green Reit € Hammersn Hansteen HIBERNIA Highcrft INTU LandSecs LondonMtrc McKaySec MucklGp PrimyHth♦ Redefine

5.35 40.25 451.40 645.36 42.25 404.30 2530 600.04 1.16 537.00 98.25 0.99 771.00 270.10 988.50 132.30 207.07 417.00 324.00 48.00

15.12

516.5

2.96 2.69 3.36 1.20 1.55 1.15 1.12 3.23 4.57 3.97 4.30 2.56 4.45 3.71 4.13 5.05 5.60

10.69 14.30 5.03 10.68 17.31 5.79 5.20 7.70 6.92 11.71 5.62 5.47 6.52 5.98 5.71 13.00 7.01

1452.1 199.0 3209.9 412.5 284.4 224.8 1438.8 66.1 3663.5 1463.1 1023.2 1.0 4671.2 1927.0 1376.0 34.5 21.0 158.3 1033.5

Yld

P/E

Vol 000s

-0.30 -35.71 -56.60 -90.19 10.20 -0.46 -2.27 15.52 -2.86 -15.03 2.75 11.60 -0.08 -0.45 -9.12 -6.56 -40.04 34.77 -58.56 -11.44 -4.85 -0.14 -0.95 -2.73 -1.80 9.34

51.1 233.6 1626.5 270.6 1.2 110.2 8.5 0.4 598.3 56.8 1914.6 80.2 4916.6 937.4 17.1 282.3 538.5 35.6 637.8 1244.9 2030.7 13952.2 229.3 8566.8 320.7 89.0

Price +/-Chg

52 Week High Low

Yld

P/E

SEGRO Shaftbry Town Ctr Wkspace

418.10 787.00 294.50 805.50

438.50 835.00 299.00 860.50

3.54 1.62 3.54 1.32

7.51 2292.4 4.78 551.0 5.52 3.0 3.91 147.0

Cap&Count Cardiff CLS Daejan DvlptSec■ Grainger HelclBar HK Land $ Lon&Assc MacauPrp Mntview♦ Q'tainEst RavenRuss RavenR Prf♦ RavenR Wrt Safestre Savills SchroderRE Smart(J) StModwen♦ UNITE Gp Urban&C

392.40 -1.70 417.80 313.00 0.40 11.46 1890.4 1045 1099.5 825.00 1.21 4.42 0.0 1690 -11.00 1750 1250 7.15 51.7 5560 -235.00 5995 4650 1.60 4.86 5.1 227.00 -6.00 255.00 179.00 3.76 14.51 43.5 206.00 0.40 250.00 167.80 1.00 11.48 765.8 389.00 -2.75 410.00 320.00 1.74 6.84 37.2 7.77 -0.02 8.30 6.12 2.02 18.13 1290.9 39.50 59.50 36.50 0.32 68.46 1.0 219.00 6.50 270.00 206.25 11.52 18.7 11900 -100.00 12900 6675 1.68 13.49 0.7 94.25 -0.50 105.37 75.00 21.43 799.8 44.50 -1.00 78.75 37.25 -37.11 504.4 122.00 0.13 156.00 101.50 9.84 90.4 27.00 57.75 25.10 20.0 260.50 2.25 286.00 184.25 2.32 11.33 422.2 724.00 17.00 746.00 567.52 1.45 18.11 877.2 61.00 -0.25 62.00 50.50 4.07 4.86 666.5 92.50 104.00 86.00 3.17 42.43 7.5 442.80 3.50 492.10 324.59 0.93 8.58 315.5 551.00 -8.00 572.00 388.30 0.90 11.96 474.5 260.00 -1.00 277.00 215.00 8.47 101.8

1.70 2.00 -2.50 -20.50

Real Estate Inv & Services

325.30 632.17 225.00 542.00

Vol 000s

Retailers AA AO World AshleyL Brown N Caffyns Card Factor Dairy Fm $ Debenhm Dignity DixonsCar Dunelm Findel Halfords Inchcape JDSportsF Lookers Marks&Sp Morrison MossBros Next Ocado Pendragn Photo-Me Saga SignetJwl SuperGroup TescoX Thorntns VertuMotor

403.50 10.50 403.50 192.30 -1.00 370.00 27.75 -0.50 32.38 338.90 -69.70 590.00 537.50 670.00 265.50 -7.90 297.20 9.58 -0.11 10.90 77.60 -1.30 82.69 1880 18.00 2040 435.70 7.30 470.00 841.50 -9.00 1045 234.75 -3.50 330.25 448.80 -0.20 515.00 780.50 -7.50 804.50 480.90 -1.20 520.00 158.25 -0.75 165.00 496.90 1.40 513.50 206.50 1.40 233.80 100.50 -1.50 126.18 7360 15.00 7967 380.40 4.30 573.50 41.00 1.25 41.50 146.25 -1.00 152.00 176.10 -1.90 195.00 7932 174.00 9180 860.00 -24.00 1749 235.45 0.15 322.20 73.00 2.00 161.67 56.25 -1.75 65.00

225.50 149.60 22.00 282.50 480.00 195.50 8.49 56.85 1291 319.20 745.97 188.41 417.10 589.50 355.94 117.50 359.20 150.60 77.50 6130 216.80 27.00 107.85 143.75 5611.48 750.00 155.40 62.00 51.00

7.21 4.20 3.35 2.10 4.38 0.69 1.20 2.38 3.19 2.23 1.41 1.69 3.42 6.30 4.98 1.81 1.46 2.56 0.54 6.27 1.42

18.80 1703.6 -291.36 4324.2 12.24 340.6 12.80 1807.6 9.40 0.4 100.57 168.7 29.33 639.8 10.93 3347.4 22.84 132.5 51.26 2307.7 17.92 151.9 -17.75 17.2 14.63 393.2 16.65 1708.4 19.58 34.8 13.47 356.4 16.14 3460.8 -14.95 12898.8 30.91 53.8 19.00 340.4 320.20 1405.1 11.98 6160.8 21.21 53.9 33.03 520.7 31.00 18.3 17.89 322.6 22.31 17773.6 11.17 41.0 12.18 511.6

180.00 1388.75 146.00 763.00 1225 935.00 895.50 265.00 1517 1000.5 294.03 47.00 128.02 3015 467.40 603.84 197.20 316.00 624.50 909.95 225.40 527.00 66.32 108.15 293.80 287.50 487.20 2141 705.01

2.54 1.76 2.65 1.10 2.59 2.39 2.55 2.80 1.82 2.34 5.01 3.41 5.75 1.91 7.91 2.09 4.92 1.54 2.02 3.23 1.13 3.78 1.71 3.42 1.20 3.80 1.89 4.98

227.70 16.75 7.07 19.60 16.37 20.81 21.98 21.40 29.43 46.16 27.61 17.97 9.11 26.40 13.83 24.49 13.12 22.90 37.11 22.30 -57.90 30.54 10.98 22.83 39.33 25.53 16.48 20.92 20.03

4275.3 1377.9 165.2 2182.6 242.5 1649.2 347.3 81.1 510.6 1362.5 1526.9 116.7 60.7 251.7 132.5 40.6 1125.6 10.5 359.4 2535.5 7078.6 425.4 3.9 3335.2 811.9 1146.7 321.7 342.3 6.0

P/E

Vol 000s

Support Services Acal Aggreko APR Engy AshtdGp AtknsWS Babcock Berendsen Brammer Bunzl Capita Carillion Comnsis ConnectGp DCC DeLaRue Diploma Elctrcmp EnergyAst Essentra Experian G4S Grafton HarvyNah Hays♦ Homesve HowdenJny Intserve Intertek Latchways

268.00 1572 362.25 1116 1304 939.50 1135 377.75 1839 1172 351.00 54.75 147.50 4019 535.00 770.00 238.70 450.00 1001 1139 288.90 750.00 85.00 153.60 330.50 457.50 585.00 2526 795.00

-2.50 57.00 22.50 23.00 7.00 -16.00 20.00 1.25 8.00 18.00 2.70 -0.25 -3.75 19.00 4.00 -5.00 -4.30 -10.00 14.50 5.00 2.80 7.00 -0.70 1.50 3.40 -10.50 31.00 2.50

418.00 1841.76 959.00 1219 1505 1448 1161 509.00 1969 1248 386.60 70.00 208.75 4035 891.91 835.50 371.00 504.00 1043 1222 301.76 760.16 124.75 163.60 354.50 469.90 751.50 3110 1156

Lavendon♦ MngCnslt MearsGp MenziesJ MichaelPge MITIE PayPoint PremFarn Rentokil Ricardo RbrtWlts RPS Shanks SIG SpeedyHr St Ives TribalGrp Vp Watermn Wolseley

Price +/-Chg

52 Week High Low

Yld

164.50 16.00 440.75 382.00 503.00 292.00 823.00 190.90 137.70 741.50 342.00 234.20 107.50 191.50 75.00 177.25 180.50 645.00 71.00 4036

-3.50 0.25 -2.25 -3.00 8.00 -2.10 5.00 -0.90 0.90 6.50 -2.40 -0.50 -0.70 -7.00 3.00 53.00

247.75 30.00 540.00 714.75 508.00 337.80 1211 242.40 139.60 769.50 369.00 350.40 118.25 214.50 82.00 225.00 204.00 690.00 76.00 4111

155.50 13.75 354.75 306.25 358.70 263.90 809.39 147.00 109.80 597.70 270.00 181.50 84.50 143.40 50.75 163.00 141.10 539.00 50.00 2966

2.24 5.32 2.00 7.16 2.09 3.77 4.29 5.45 1.73 2.05 1.58 3.14 3.21 1.85 0.81 4.03 0.89 2.17 1.41 1.81

16.00 -1.00 4.90 15.50 2.00

1199 890.00 355.40 487.00 111.23

778.50 506.00 259.45 284.20 65.95

0.52 65.27 3276.8 1.02 -2814.33 2881.7 3.69 26.37 747.2 0.89 20.89 1084.9 2.39 31.08 947.7

P/E

Vol 000s

13.56 318.9 9.19 39.2 20.04 21.6 8.64 421.7 35.21 1743.4 84.20 748.3 15.07 160.1 13.99 1406.4 23.75 1493.5 20.18 21.3 38.94 71.6 17.34 491.3 -24.43 216.1 -171.44 1454.9 81.17 300.4 50.89 114.7 -92.09 0.1 15.64 0.9 54.20 41.3 21.38 840.7

Tech - Hardware ARM Hldgs CSR Laird Pace SpirentCM♦

1173 864.00 338.00 380.60 86.75

Tech - Software & Services Anite AVEVA Computcnt DRS Data Elecdata♦ MicroFoc NCC Grp RM Sage SDL Telecity TriadGp

89.00 1478 715.50 14.00 68.50 1114 227.75 148.00 476.30 427.00 910.50 10.50

0.75 23.00 -3.50 13.00 1.50 1.00 -0.50 -6.50 -1.00 -0.25

98.75 2460 804.67 28.50 86.75 1172 234.50 174.00 497.00 461.00 1000.00 19.00

69.25 1183.9 651.67 12.50 64.00 749.50 169.80 120.00 346.70 284.25 626.00 7.00

2.07 1.83 2.86 2.86 2.92 3.15 1.54 2.55 2.43 1.20 -

27.86 246.4 22.56 145.5 16.75 28.6 -6.33 2.8 21.68 5.0 20.65 555.0 27.16 1195.8 11.36 2.1 27.95 2846.7 -13.97 53.9 26.32 660.8 4.73 4.1

446.50 142.70 900.00 91.75 329.20 1010

3.50 -3.10 22.00 -0.75 1.60 -10.00

465.15 155.80 902.00 105.50 340.90 1874

350.30 113.10 653.00 78.50 261.00 968.50

2.22 3.26 5.32 3.65 3.47

18.21 14979.0 -58.36 254.7 37.59 1382.6 12.50 367.2 61.20 1120.7 26.07 175.6

3627 3082

-25.50 -9.00

3894 3295

154.75 284.50 78.70 448.10 1139 103.10 100.40 1010.5 2538 858.50 3.69 111.50 1.66 148.00 279.30 740.00 517.50 188.00 690.00 117.00 66.63 337.10 141.40 1152 5200 369.20

3.25 -0.13 0.30 -6.40 3.00 -0.10 1.95 -9.50 21.00 -1.50 -1.30 -0.01 -1.10 -2.50 -0.50 -1.00 -6.50 0.40 0.63 1.10 -2.00 7.00 55.00 -4.40

185.75 578.00 134.00 463.30 1179 153.80 146.14 1049.77 2655 926.00 32.05 162.40 1.95 157.34 303.35 783.00 526.40 192.00 748.70 121.80 93.00 416.90 186.10 1215.78 5365 397.70

109.19 245.00 74.30 290.00 924.41 98.70 98.35 830.50 1813 712.00 2.50 102.20 1.62 134.50 213.40 570.50 307.00 132.30 551.50 68.75 47.00 331.60 99.40 1004.81 3767 314.52

3.60 6.59 4.42 2.25 2.31 1.49 3.33 3.31 3.07 8.41 4.04 4.39 3.58 2.51 3.15 2.39 2.03 1.79 2.82 1.32 3.22

19.50 11.59 -20.70 40.79 23.39 19.28 20.77 21.08 16.38 20.48 26.63 23.75 17.99 -16.67 29.39 18.04 6.69 15.56 20.88 7.77 2.03 14.82 -17.26 94.70 27.76 15.77

93.8 4.1 5845.8 351.7 3333.1 3046.9 3547.5 3.7 56.7 845.1 5.6 6163.6 1030.6 1265.5 654.4 410.1 30.2 232.8 815.1 4445.2 367.3 921.3 4761.2 1191.9 570.9 4084.1

238.90 1230 374.90 853.40 805.50 895.50

3.40 -10.00 -11.50 1.80 4.00 6.50

348.80 1610 798.50 965.00 925.00 1045

235.00 1135 348.37 806.22 716.50 749.68

7.34 5.08 4.95 4.93 3.76 4.02

18.42 13.75 -12.68 14.95 27.76 17.26

16054.2 2.3 2314.3 8193.4 1175.3 2305.2

P/E

Vol 000s

Telecommunications BTX Colt Grp Inmarsat KCOM Gp TalkTalk TelePlus

Tobacco BrAmTobX ImpTobX

3162 4.06 18.93 2523.1 2367 4.19 20.80 2430.2

Travel & Leisure 888 Hldg AirPrtnr bwin.party Cineworld CompassX EntInns FirstGrp Fuller A Go-Ahead GreeneKg IrishCtl € Ladbrokes MandarO $ Marstons Natl Exp Playtech PPHE Htl Rank Gp♦ Restaurt SpiritPub Sportech Stagech ThomasCook TUI Whitbrd Willim H

Utilities Centrica DeeVally Drax Natl GridX Pennon♦ UtdUtils

AIM P/E

Vol 000s

267.00 160.00 1.65 19.13

50.5

Price +/-Chg

Aerospace & Defence Cohort

255.00

-

10.00 2929.5

29.50

Banks BCB Hldgs STB

14.17 3009

8.75 -2.05 2245 2.12 29.55

1.5 0.9

Basic Resource (Ex Mining) CropperJ

425.00

-10.00 490.00 355.00 1.86 21.26

9.0

140.25

2.00 153.00 107.00 0.71 -36.07

148.8

Chemicals Scapa

Construction & Materials Abbey AccsysTch Aukett

875.00 72.38 7.25

-

927.30 800.00 0.89 9.02 0.38 76.50 0.91 -7.13 9.50 6.25 2.76 11.15

0.1 59.7 15.3

Electronic & Electrical Equip CeresPow Densitrn ElektronT FlowGp LPA ThorpeFW Zytronic♦

8.90 5.00 5.38 30.25 71.00 153.50 284.00

0.20 11.75 5.90 -6.47 1369.5 -0.13 6.70 4.00 2.00 -5.67 69.6 7.00 3.25 -1.52 30.0 -0.25 50.00 23.25 -7.64 560.2 148.00 60.00 2.04 30.76 51.4 155.00 120.00 1.99 17.60 17.7 -2.00 310.00 197.00 3.24 14.58 19.2

Financial General Ambrian Arbuthnot Ashcourt Rw Aurora BP Marsh BrooksMac Camellia CaptlMgt Charlemgn Fairpoint ImpaxGp Leeds MattioliWds Miton MAB Numis Park Grp♦

11.00 1442.5 266.50 9.88 137.50 1457 8950 117.50 10.63 114.50 53.25 35.00 509.50 21.75 182.50 241.75 60.75

-23.50 0.13 -20.00 -50.00 -3.25 0.63

12.50 1599 270.00 25.00 155.00 1817 11300 262.00 19.50 164.00 59.00 43.79 517.00 49.50 187.23 419.50 64.98

5.25 1000.00 166.00 8.00 116.75 1300 8450 103.00 9.50 105.66 44.50 29.00 414.00 18.50 160.00 196.09 46.00

1.80 2.00 1.78 1.40 8.30 5.24 2.25 1.79 2.48 4.14 3.79

4.88 18.68

2239.50

-0.57 9.75 23.27 13.75 2.91 13.20 13.48 19.26 8.56 22.82 -3.66 22.24 14.13 14.70

540.0 3.3 7.8 142.2 21.1 15.7 2.0 0.8 4011.5 7.7 200.3 2.0 17.2 4.4 10.2 24.1 3.6

Price +/-Chg Plus500 PolarCap Share ShoreCap STM Group WH Ireland

684.00 402.50 39.25 422.50 30.50 101.50

-1.00 -6.75 1.00

P/E

Vol 000s

732.00 344.67 1.88 14.97 531.00 353.00 6.21 13.97 53.00 29.10 1.32 39.09 430.00 345.00 1.89 23.92 34.00 15.00 - 279.82 141.50 79.00 1.48 75.52

469.7 25.8 1.8 0.2 17.6 4.4

Food & Beverages FinsbryFd Nichols PureCircle RealGdFd Ukrproduct Wynnstay

69.00 1155 545.00 39.25 6.75 522.50

73.38 53.00 10.00 1175 834.56 655.00 455.00 51.50 23.00 0.65 9.50 5.95 6.00 682.50 513.00

1.17 1.70 1.84

10.95 48.64 662.21 -4.91 -0.93 15.09

38.8 26.8 13.1 50.0 86.9 34.5

-1.00 145.00 106.85 0.43 24.25 268.00 190.00 2.05 9.56 545.00 286.00 2.62 17.16 0.50 31.00 18.00 -2.25 -1.50 90.50 44.00 2.09 19.32

443.7 138.5 17.3 15.0 30.0

Health Care Equip & Services Advnc Med CareTech♦ ImmunDiag SphereMed Tristel

140.00 228.00 325.00 19.00 77.50

House, Leisure & Pers Goods Airea Churchll gamingrealm HavelckE Mulberry Portmern SinclairW TelfordHms WalkerGb

14.50 585.00 31.88 14.00 863.00 887.50 35.00 371.25 192.50

9.45 21.52 -6.82 25.36 168.16 15.81 1.95 13.68 21.74

20.6 10.1 1.3 3.5 3.7 7.7 11.5 38.1 64.3

24.01 14.60 5.00 12.65 3.00 -5.02 -1.00 187.50 75.00 7.22 6.05 -2.00 217.00 116.00 5.71 18.92 -2.50 790.00 215.00 2.83 10.12

6.0 184.9 12.6 4.0 16.3

-

0.88

3.00 -0.50 -3.00 0.50

15.00 630.00 41.70 25.00 900.00 930.00 115.00 393.00 219.00

9.03 425.00 19.50 13.51 562.50 724.00 33.00 245.50 151.05

4.14 2.50 0.58 2.70 4.29 2.37 0.96

Industrial Engineering 600 Grp CoracGrp Molins MS Intl Pres Tech♦

18.75 4.50 80.00 140.00 282.50

Industrial General API Group Powerflte RM2 Symphny

59.00 51.50 62.00 10.25

-1.00 -

77.00 58.38 82.00 11.33

42.00 28.25 46.00 6.28

3.39 9.77 2.10 20.05 -4.82 -24.58

10.1 26.1 367.3 155.2

Price +/-Chg

52 Week High Low

Yld

Insurance Gable Helios

47.00 155.00

-0.50 90.00 39.30 12.44 160.00 120.00 0.97 31.10

201.2 0.5

132.00 94.50 388.00 41.75 168.00 122.25

1.00 1.50 -2.00 -0.50 -0.25

23.5 156.3 15.0 21.8 19.3 55.0

8.10 1.26 1.74 152.50 0.63 0.80 8.90 0.22 35.50 0.93 1.05 1.03 3.00 13.75 9.63 20.75 7.47 3.05 1.73 0.10 11.00

-0.33 13.47 2.29 -0.02 6.45 1.15 0.24 4.15 1.00 -5.50 186.00 135.16 5.66 4.25 0.25 1.85 0.50 -0.13 20.00 7.20 0.60 0.18 84.25 17.73 13.59 -0.03 3.70 0.80 2.04 0.90 0.15 2.35 0.25 11.00 1.91 -0.25 30.50 10.00 16.00 8.50 64.00 19.75 -0.19 14.50 6.40 0.25 12.40 2.01 -0.15 4.23 1.50 0.01 0.30 0.06 18.33 6.00 -

Media Avesco Cello Gp M&Csaatc MissionMk Next15Cm YouGov

133.50 94.00 4.17 -10.31 100.00 81.00 2.38 16.38 395.00 235.00 1.40 98.93 56.90 37.00 0.60 8.60 170.00 103.37 1.52 108.67 133.00 98.50 0.49 292.46

Mining AMC BeowMin BotswanaD CentAsiaM Connema C'royG&NR GrekaDrill Herencia HighldGld KarelianDd KEFI Min OracleC PatagonG RamblMtls ShantaGold SierraRut Sirius Min SolGold Stratex Xtract Res ZincOx

-8.33 1136.2 -1.08 3061.2 -3.06 844.7 2.85 6.9 -0.94 10.0 -8.70 105.8 -40.27 234.5 -2.68 711.7 3.42 350.9 -13.21 427.5 -1.98 554.9 -2.84 1729.1 -5.17 990.1 6.41 200.9 12.21 861.2 78.90 268.0 -146.37 12338.3 -5.79 3900.5 -1.35 1172.4 -2.07 15871.7 -1.49 19.8

Oil & Gas AlkneEng AmeriRes AndesEnrg BahamasP BorSthnPet Circle Oil ClontarfEn Egdon Res

21.00 29.75 19.00 1.88 6.08 11.13 0.38 8.63

-

0.05 0.23 -0.13 -0.05 -0.13

45.00 67.25 67.50 4.70 14.50 28.70 1.50 30.80

20.00 19.10 19.00 1.47 4.69 9.64 0.30 8.50

JPM Ind JPM JpSm JPM Jap JPM Mid♦ JPM O'seas JPMRussian JPMSnrSec JPM Smlr JPM US Sml JupDv&G JupEur JupGrn JupPrim♦ JupUSSmCo KeystoneInv Law Deb LinTrain £ Ln&StLaw Lowland M&GHighInc Majedie Man&Lon MCGlobPort MCurPac MercantIT MrchTst Mid Wynd♦ MitonWw MMP Monks MontanSm Mur Inc Mur Int ..B NB DDIF $ NewCtyEgy ..Sub NewCityHY NewIndia New Star IT NorthAmer NthAtSml Oryx Int PacAsset PacHorzn Perp I&G PerAsset♦

579.00 0.50 229.88 3.13 271.00 4.00 808.50 -1.00 1080 -7.00 319.50 93.63 -0.13 762.50 -0.50 188.00 -1.25 115.00 513.50 6.50 144.25 -0.25 306.00 667.00 4.00 1773 7.00 512.50 -5.00 426.00 369.50 1298 11.00 162.50 -1.50 237.50 -2.75 245.25 3.75 185.00 1.75 316.25 4.25 1545 1.00 469.00 324.50 161.50 4.13 411.00 4.40 488.88 4.88 738.50 2.00 1007 3.00 1075 1.18 19.75 0.13 61.25 0.25 358.63 -2.38 72.50 855.00 2.50 1875.5 19.50 464.00 205.88 -2.13 192.50 2.50 397.40 0.50 34390 -350.00

605.50 232.00 272.00 842.00 1103 485.00 102.25 769.00 193.75 118.00 517.00 145.89 311.00 701.50 1848.64 543.00 435.00 410.50 1500 177.00 243.00 279.08 186.50 320.50 1639.44 519.00 325.97 161.70 7.00 416.90 551.49 808.00 1150 1523.37 1.25 42.00 0.15 68.00 371.30 76.24 906.45 1911.29 473.00 210.25 204.75 412.50 36313.1

343.52 174.50 195.00 669.10 890.95 223.25 92.25 527.00 134.50 107.00 371.25 133.20 268.34 596.99 1651.76 465.10 331.00 330.80 1219 148.00 202.50 219.00 158.00 257.00 1316.55 422.18 256.00 147.00 4.00 348.40 390.50 699.86 980.00 900.00 1.00 16.75 0.06 60.50 207.25 65.45 787.50 1625.86 375.00 145.85 161.00 350.81 32910

1.03 2.23 1.39 4.79 1.25 0.37 0.87 0.68 0.76 2.09 2.82 2.97 1.59 3.65 2.73 0.92 5.81 5.61 2.16 2.06 2.13 5.03 1.17 0.96 1.43 4.44 4.58 6.91 3.22 1.26 0.73 3.07 1.67

PolarFins ..Sub PolarHealth PolarTech ProspJap $ QatarInvF $♦ RIT Cap RobecoNV € RolincoNV € Ruffer Inv SchdrAsiaP Schdr Inc SchdrJap SchdrOrient SchdrUK SchdrUKMd ScotAmer♦ Scottish In ScottMort ScottOrtll

98.00 7.75 167.50 573.50 1.01 1.30 1552 30.38 28.32 219.50 296.00 268.88 147.00 200.75 160.75 447.75 234.50 627.00 255.60 847.00

109.50 17.25 172.59 590.74 1.19 1.49 1583.38 30.91 28.98 226.00 298.14 278.50 148.75 204.00 193.75 521.00 257.50 637.50 260.10 900.00

92.00 5.00 142.50 431.00 0.91 1.15 1265.55 26.74 24.80 193.50 227.54 235.50 106.79 162.03 146.83 402.49 221.99 536.00 189.00 717.00

2.48 2.06 1.89 1.13 3.64 1.19 3.74 2.80 1.78 4.46 1.85 1.13 1.36

-

1.00

0.95 3.38 9.15 - -1900.00 -8.41 -94.92 4.56 -0.24 -28.37

1403.2 2993.1 65.0 1287.3 307.2 2778.3 526.2 312.5

52 Week High Low

Price +/-Chg Enegi Oil EuropaOil FalkldO&G FaroePet GETECH GlobalPet Gulfsands Indus Gas Infrastrata Iofina Ithaca Engy KBC Adv Max# NewWldO&G PetrelRes Petroceltic PetroNeft Plexus PresidentEn Rockhop Sound Oil TowerRes TrinityE UnJackOil VictorOil VolgaGas

0.88 7.50 27.00 71.25 50.50 2.13 27.25 81.50 3.63 34.00 35.50 82.00 0.16 0.17 3.88 130.50 4.53 200.00 13.00 58.50 13.25 0.15 20.25 0.21 62.25 76.50

-0.75 -1.25 -0.25 1.00 -1.25 -3.50 0.01 -1.50 -0.13 -1.50 0.38 -1.50 0.01 -1.25 -

8.50 0.77 10.75 4.65 39.00 16.75 154.89 58.00 73.00 32.00 4.04 7.50 2.00 71.91 21.00 650.00 79.25 10.00 3.50 84.05 20.75 159.00 35.50 142.00 79.00 2.26 0.08 0.99 0.11 14.78 3.50 224.00 98.50 7.25 3.60 325.00 165.00 0.52 39.48 10.75 115.75 51.00 14.00 5.00 6.74 0.13 120.00 17.08 0.52 0.14 71.40 0.94 143.00 55.00 -

Pharmaceuticals & Biotech Abcam AllcePharm Epistem e-Thera GW Phrms HtchChMd ImmuPhar ReNeuron Sareum SinclairIS Vernalis

478.25 36.25 257.50 39.00 468.50 1310 46.00 3.63 0.38 36.25 48.25

6.00 484.00 270.88 1.62 38.75 30.00 2.50 342.00 250.00 49.40 19.02 15.25 541.00 205.00 -2.50 1550 740.00 -1.00 67.00 41.00 -0.13 4.39 2.75 0.03 0.68 0.27 -0.75 39.18 23.30 -0.13 53.00 28.59 -

Conygar FltchKng InlandHms

186.50 56.50 64.63

-

SecTstScot♦ Seneca I&G♦ Shires Inc StdLf Eqt♦ StdLf Sml StrategicEq Temp Bar TempEmerg TRIG♦ ThreadUKSel TREurGth TroyInc&G UtilicoEmg UtilicoInv♦ ValAndInc Witan WitanPac WorldTst WwideHlth

136.50 140.75 246.00 409.00 282.50 190.13 1152 551.00 103.00 177.50 584.00 69.25 186.00 112.00 250.50 761.50 243.00 257.00 1803

-

27.22 703.4 11.34 141.7 -14.84 2.2 -14.95 2186.3 -69.17 359.3 161.15 2.1 -10.06 225.2 -8.06 553.5 -6.47 7336.6 -13.90 415.5 -16.71 70.2

Real Estate 191.00 160.00 0.80 7.96 65.00 36.50 5.31 7.86 0.38 65.50 43.00 0.42 23.92

10.7 0.5 414.5

Lok'nStor LXB Retail MirLand NewRiver Palace Cap PnthrSec PSPI SiriusRE € SumGermny € TaliesinPr Winkworth♦

Price +/-Chg

52 Week High Low

Yld

262.50 134.00 56.50 303.75 366.00 337.50 24.00 0.42 0.85 2292.5 132.50

-4.50 8.75 -5.00 -

265.15 147.50 255.00 322.00 385.00 357.00 28.70 0.45 0.86 2389.6 189.10

2.41 3.37 3.56 0.78 0.82 4.34

332.70 7.08 4.22 28.48 -6.74 9.73 -2.63 6.28 4.67 16.91 11.93

2.7 167.9 59.8 75.0 2.4 0.5 12.1 300.0 67.0 0.2 3.0

3279 131.50 347.50 276.00

28.00 6613 1742 73.77 -1.00 237.40 120.00 0.50 523.00 311.96 4.60 13.71 374.00 240.00 2.45 24.51

803.5 2.1 94.9 27.7

2.50 -2.00 -0.38 -18.00 -5.00 3.50 -25.00 -0.03 -2.50 -3.75 -8.50 -3.50 0.25 3.50

11.32 -6.04 18.94 18.20 20.33 14.93 6.44 -1.88 15.02 22.78 83.33 -1.89 -1.00 16.79 37.21 202.48 21.98 38.35

2.7 331.5 19.1 2.9 250.4 60.2 5.4 14.3 172.3 27.5 0.8 0.1 5.4 393.4 0.2 29.1 372.2 41.5 0.2 10.0 666.7 229.1 81.4 82.8 47.9

1.00 80.50 66.50 7.35 70.9 1.00 123.50 101.79 6.55 108.0 69.50 60.00 6.40 71.3 75.49 69.50 13.06 76.1 97.51 91.00 13.23 98.5 105.51 94.00 15.94 101.3 92.75 86.75 9.92 94.9 78.39 72.00 7.84 79.9 92.20 83.00 6.32 98.6 61.00 53.50 8.04 63.7 30.50 29.00 8.40 31.0 67.50 38.00 4.44 70.4 63.47 40.00 84.8 63.00 30.00 102.5 112.02 95.00 5.91 104.7 106.24 93.50 18.80 105.8 19.50 17.00 5.59 19.6 67.75 60.00 7.09 67.4 56.75 43.00 4.63 58.7 79.00 70.00 5.48 86.3 89.00 81.00 5.44 97.2 37.00 26.50 5.59 39.5 107.90 84.00 4.07 96.4 119.50 99.00 1.20 113.4 116.00 99.00 5.15 111.7 1.25 80.00 73.50 7.10 85.6 99.48 92.50 5.68 107.4 84.75 75.00 7.50 88.2 81.00 76.00 8.23 81.8 96.99 89.50 7.49 95.8 -1.00 133.00 120.00 4.88 137.3

-4.1 -4.6 -12.3 -4.4 -4.1 -4.0 -4.4 -4.3 -11.8 -12.1 -4.0 -36.1 -42.8 -41.5 -3.1 -9.5 -8.8 -5.8 -8.0 -10.2 -12.0 -9.5 -10.8 -7.8 -8.7 -9.5 -9.9 -9.3 -3.4 -2.4 -10.4

197.00 119.25 55.00 264.75 248.00 295.00 21.00 0.28 0.50 1620 115.00

Retailers ASOS Koovs Majestic StanlGib

Support Services AndSyks Augean Begbies Christie Empres Hargreaves♦ Hydrogen Impellam ISG JhnsnSrv JourneyGp LonSec Matchtech NewmkSec NormanBr NWF Optimal Pay PennaCns♦ Petards RedhallGp Renew Restore SafeCharge Servoca Synectics

312.50 39.50 46.50 148.50 57.50 446.00 67.50 675.00 165.50 75.50 124.00 2310 522.50 3.03 21.00 146.50 381.00 137.00 12.13 14.25 278.50 259.50 245.00 21.25 146.00

Amati VCT AmatiVCT2 ArtemisVCT Baronsmd ..VCT 2 ..VCT 3 ..VCT 4 ..VCT 5 BSC VCT ..VCT2 Crown Place♦ Frsight3VCT Frsight4VCT Frsight4C FrsightSol Inc&GthVCT♦ KingsAYVCT Maven I&G MavenVCT2 MavenVCT3 MavenVCT4 MavenVCT5 MobeusI&G ..I&G 2VCT♦ ..I&G 4VCT Nthn 2 VCT Nthn 3 VCT NthnVent ProVenGI ProVenVCT UnicornAIM

68.00 103.00 62.50 72.75 94.50 97.25 90.75 76.50 87.00 56.00 29.75 45.00 48.50 60.00 101.50 95.75 17.88 63.50 54.00 77.50 85.50 35.75 86.00 104.50 102.00 77.50 96.75 80.00 79.00 93.50 123.00

385.00 56.75 55.00 162.00 60.50 860.00 112.00 685.00 356.00 76.25 167.00 2600 640.00 3.20 40.00 163.00 558.09 155.00 15.99 47.97 327.13 286.40 285.50 26.03 440.00

260.00 37.65 41.00 88.00 38.13 446.00 63.10 430.00 158.00 53.75 113.00 1975 495.00 1.55 20.00 120.00 270.00 111.00 8.25 9.00 205.00 170.13 162.00 10.00 115.00

6.66 0.89 4.73 1.01 0.61 5.72 6.81 1.96 5.71 1.60 2.22 2.99 3.49 2.48 3.48 1.82 1.44 0.99 5.82

13.88 10.17 18.18 27.17 9.73 4.74

-160.71

52 Week High Low

Price +/-Chg Utilityws

216.25

Yld

9.00 373.28 194.25 1.39 17.77

82.3

Tech - Hardware AminoTech IQE

139.00 21.75

-2.00 146.00 26.25

75.24 2.59 18.24 12.08 -59.92

71.2 783.4

Tech - Software & Services Blinkx BondInt Brady Datatec DDD Eckoh EgSoltns Iomart K3BusTc Monitise OMG Progility Pub Tech SciSys WANdisco

31.25 103.00 93.00 315.00 1.88 38.25 72.50 204.25 227.50 19.75 39.00 6.00 187.50 92.00 337.50

-1.00 0.50 -1.25 0.50 -0.50 1.00 5.00 5.00

123.75 153.75 93.88 337.92 8.00 48.50 84.00 288.21 239.63 78.75 40.00 11.49 399.70 97.00 1317

23.25 83.00 60.00 260.00 1.25 33.00 44.12 159.93 179.00 12.75 25.00 4.00 125.50 74.06 255.15

1.75 1.83 3.29 0.82 0.86 0.44 1.03 1.59 -

-26.57 27.42 33.03 19.43 -1.61 90.21 25.29 28.22 -3.91 147.17 -38.22 -80.51 15.01 -4.34

637.4 0.4 55.6 13.7 20.0 503.3 5.0 266.2 12.2 9404.8 92.2 43.6 22.7 40.8 37.7

-2.00 540.00 415.00 2.79 29.09 2.75 329.25 162.75 -4.31

140.0 33.2

-

-2.34 -19.65 160.28 13.75 22.36 -12.79 18.73

0.3 1.8 0.5 0.4 5.0 165.5 8.4 259.9 4.8

-2.91 3.58 -42.98 -0.58 -35.12

162.3 39.8 56.5 93.4

-124.14

Telecommunications AltNetwks AvantiCom

483.50 241.75

Travel & Leisure CastleStIn Celtic ..6%CvPf ..Cv Pf Dalata Dart GoalsSocc MinoanGp PeelHtls

20.00 75.50 62.50 135.00 255.00 302.25 226.50 7.75 87.50

20.90 77.27 75.00 150.00 6.00 253.00 0.25 306.75 242.00 -0.13 18.22 90.00

17.00 15.00 72.00 50.00 5.18 120.00 209.24 177.75 0.91 206.00 0.85 7.50 66.00 -

Utilities ModernWtr RenEnGen Rurelec SeaEnergy

17.75 61.50 4.38 27.25

IndiaCap Infra India MMP Marwyn Val TerraCat

62.75 12.50 4.13 202.50 97.00

-2.88 -0.50

37.30 80.00 9.25 42.03

16.50 61.00 3.00 18.68

Investment Companies Conventional (Ex Private Equity) 52 Week Price +/-Chg High Low 3i Infra 158.50 0.30 161.50 132.60 AbnAsianIn 197.75 2.25 213.80 179.00 AbnAsian 883.75 8.75 1014 771.07 AbnJapInv 495.00 1.00 503.00 319.00 AbnLatAmIn 62.00 1.00 85.68 60.25 ..Sub 1.00 5.89 0.50 AbnNewDn 185.25 0.25 195.00 155.00 AbnNewThai 457.25 7.25 482.75 365.61 AbnSmlCo 197.50 226.24 174.00 Abn UK 316.00 330.00 288.00 Abf Gd Inc 170.75 -1.50 183.75 138.25 Abf Sml 1069 4.00 1222 966.00 AcenciADbt 106.13 0.38 109.00 102.50 AdvDvpMk 433.50 2.00 473.66 383.00 Alliance 493.00 5.20 505.00 420.20 AllianzTech 589.50 603.00 463.07 AltAstsOps 45.50 0.13 47.00 35.50 Art Alpha 277.00 -0.50 308.00 269.00 ..Sub 26.50 46.00 23.00 AsianToRt 214.00 1.00 214.50 166.25 Aurora 148.50 0.50 169.00 144.00 BG Japan 436.75 1.75 449.00 313.50 BG Shin 338.75 -2.13 349.00 282.50 BSRT 31.75 47.75 27.00 Bankers 606.50 623.00 506.00 BrngEmEu 500.00 -1.00 711.00 432.00 BH Global 1299 10.00 1307 1162 ..EUR € 12.00 14.00 11.80 ..USD $ 12.76 0.11 12.95 11.46 BH Macro 2154 -1.00 2160 1919 ..EUR € 20.86 -0.04 21.00 18.40 ..USD $ 20.87 -0.02 20.88 18.40 BiotechGth 754.00 17.50 792.86 390.01 BlckRCom 85.75 -0.75 119.88 80.54 BlckREmEur 209.75 2.25 280.00 169.25 BlckRFrnt 112.38 0.13 133.28 103.50 BlckRGtEur 241.00 2.00 254.15 201.75 ..Sub 11.75 0.75 27.31 8.00 BlckR I&G 182.50 -1.25 188.33 158.01 BlckRIncStr 133.00 0.50 137.00 132.50 BlckRckLat 369.50 0.50 508.45 355.00 BlckRckNrAm♦ 116.50 -0.50 120.75 98.75 BlckRSmlr 797.00 2.00 904.50 697.00 BlckRThrmt♦ 290.25 3.25 316.50 238.00 BlckRWld 289.50 -6.00 510.00 285.50 Bluecrest A 189.40 0.90 189.50 173.00 Brit Emp 521.50 -2.00 536.67 475.40 Brunner♦ 539.00 556.21 486.00 Calednia 2280 2365 1923 CanGen C$♦ 19.70 0.24 21.00 17.80 Cap Gear 3246 56.00 3450.56 3080 CayenneTst 157.50 158.92 138.00 CayenCULS 108.50 106.00 105.25 City Merch 191.50 0.50 191.50 182.15 CityNatRs 103.75 1.00 146.75 95.00 City Lon 391.50 2.00 403.40 345.00 DexionAb 183.00 0.25 184.00 160.75 ..EUR € 2.46 2.50 2.26 ..USD $ 3.76 3.75 3.39 DiverseInc 82.75 0.75 88.50 73.02 Dun Inc 260.25 0.25 371.25 239.00 Dun Sml 190.13 -0.63 230.74 171.30 EcofinWatr 150.88 -1.13 176.75 130.00 ..CULS 105.00 111.70 102.63 EdinDragn 284.50 3.00 291.79 229.60 ..CULS 106.13 107.70 101.75

Yld 4.23 3.99 1.13 0.91 6.85 1.94 1.75 3.19 3.26 4.20 2.24 3.57 2.01 1.16 1.52 2.56 2.41 3.80 6.98 0.98 1.22 2.49 3.12 4.80 5.23 2.58 1.51 1.40 7.25 2.01 3.30 2.15 0.74 0.49 0.76 5.22 5.40 3.80 2.84 4.27 2.74 4.43 0.77 -

NAV 144.9 202.6 980.5 523.6 67.6 209.1 542.2 237.6 336.0 203.7 1207.2 114.4 495.4 574.0 639.1 48.6 317.0 229.9 168.5 433.1 357.2 42.3 639.8 586.2 1415.0 13.9 2216.0 21.5 21.3 813.0 83.3 232.5 117.2 252.3 185.0 142.4 413.5 127.7 933.4 343.9 339.5 198.8 586.8 627.4 2783.3 27.4 3242.8 163.3 188.7 127.2 386.9 196.3 2.7 4.2 83.4 274.1 226.5 182.0 319.1 -

Dis(-) or Pm 9.4 -2.4 -9.9 -5.5 -8.3 -11.4 -15.7 -16.9 -6.0 -16.2 -11.4 -7.2 -12.5 -14.1 -7.8 -6.4 -12.6 -6.9 -11.9 0.8 -5.2 -24.9 -5.2 -14.7 -8.2 -8.2 -2.8 -3.0 -2.0 -7.3 2.9 -9.8 -4.1 -4.5 -1.4 -6.6 -10.6 -8.8 -14.6 -15.6 -14.7 -4.7 -11.1 -14.1 -18.1 -28.1 0.1 -3.6 1.5 -18.4 1.2 -6.8 -8.9 -10.5 -0.8 -5.1 -16.1 -17.1 -10.8 -

Edin Inv Edin WWd EP Global Estabmt Euro Ast EuroInvT F&C Cp&I♦ F&CGblSmlr F&CMgdG F&CMgdI♦ FidAsian FidChiSpS Fid Euro Fid Jap Fid Spec FinsG&I FstPacfic H HK$ For & Col Geiger GenEmer GFIS GRIT GoldenPros Hansa ..A Hen Div♦ HenEuroF HenEuro HenFarEs HendGlob♦ HenHigh HenInt Inc Hen Opp♦ HenSmlr HendVal Herald HICL Infra♦ Impax Env. Ind IT♦■ Intl PP InvAsTr Inv Inc♦ InvPerp IPST BalR IPST Gbl Eq IPST Mngd IPST UK Eq InvPpUK Invs Cap A Invs Cap B Invs CapU JLaingInf JPM Amer JPM Asn JPM Brazil JPM China JPMElct MC ..MG♦ ..MI JPM Emrg JPM EurGth♦ JPM EurInc JPM EuSm JPM Clavr JPMGIConv♦ JPM GEI JPM I&C Uni JPM Inc&Gr

659.50 442.00 246.50 178.50 1033.5 778.00 266.25 960.00 148.25 124.00 247.75 131.80 173.10 79.00 889.50 582.00 7.66 442.50 19.00 521.00 20.50 18.88 27.88 840.00 825.00 94.50 1038 867.00 331.50 393.00 185.75 126.75 860.25 585.50 218.25 689.50 155.50 152.00 298.38 137.00 194.25 284.00 77.75 119.50 160.00 102.00 164.00 351.25 97.50 96.50 381.00 124.50 279.50 240.63 52.00 183.75 99.75 602.00 102.50 603.50 236.75 130.00 227.50 599.50 103.25 117.50 355.00 107.75

3.50 683.00 565.20 3.56 1.00 452.45 332.25 0.45 0.75 251.37 207.04 1.10 188.00 163.00 2.63 -1.50 1056 800.00 5.25 4.75 797.00 659.33 1.80 -0.75 271.00 231.75 3.66 -1.00 972.50 781.00 0.83 -1.00 151.50 130.00 126.00 110.00 3.91 0.25 255.00 196.75 0.44 0.20 142.68 97.20 0.87 2.90 177.91 137.40 1.72 1.00 79.00 54.17 4.50 959.00 796.84 1.83 4.00 593.00 464.25 1.86 0.01 9.48 7.37 2.40 -0.50 466.18 361.90 2.10 33.00 17.00 -6.00 583.00 477.60 35.99 18.50 -2.13 70.00 17.00 46.50 26.25 1010 840.00 1.90 -4.00 986.00 810.00 0.61 95.50 89.50 5.34 1058.8 816.47 2.63 5.00 877.50 678.25 1.96 -1.50 351.00 289.25 5.40 405.38 336.20 2.69 1.25 187.25 156.50 4.58 -0.50 132.89 103.00 3.31 1.25 971.99 755.00 1.27 3.50 612.55 468.13 1.88 0.25 254.00 218.00 0.69 -1.00 732.35 594.00 -0.50 157.70 134.60 5.73 -2.00 156.50 136.00 0.79 -0.63 303.00 268.00 1.68 -0.60 139.50 125.88 4.49 -2.38 198.71 152.25 1.78 -2.00 294.70 255.00 4.21 0.25 78.00 69.00 6.43 119.80 109.25 163.00 138.00 101.81 100.75 167.00 143.00 3.45 0.25 352.75 281.00 1.85 1.00 99.00 87.00 4.66 103.00 87.03 382.00 347.00 0.85 -2.90 155.35 113.60 5.12 296.14 227.20 0.97 2.63 248.27 191.00 1.08 76.49 51.00 1.92 0.75 194.00 139.25 0.87 0.25 101.99 97.01 0.50 610.53 507.66 1.25 106.24 93.01 0.83 -3.00 632.37 506.63 0.91 3.75 240.00 193.00 2.83 -1.75 133.17 104.75 2.00 246.80 164.00 1.27 -3.50 630.78 534.51 3.25 -0.25 112.50 99.00 5.45 -0.50 130.00 105.00 4.54 370.50 330.06 109.50 98.50 2.04

683.6 485.8 249.3 224.9 1032.2 842.9 257.7 954.6 146.6 121.4 281.0 152.3 184.6 91.6 987.7 577.6 482.2 23.8 586.1 54.1 28.8 1163.5 1163.5 90.5 1025.2 868.4 327.4 440.3 180.6 125.2 991.3 671.7 281.1 838.7 127.9 176.4 319.3 120.8 218.5 306.5 75.5 120.5 163.1 103.3 166.3 378.2 103.1 103.0 412.3 106.6 293.3 270.6 55.4 209.9 101.2 614.8 104.7 685.9 257.2 135.7 254.7 640.2 101.6 116.3 369.2 115.1

-3.5 -9.0 -1.1 -20.6 0.1 -7.7 3.3 0.6 1.1 2.1 -11.8 -13.5 -6.2 -13.8 -9.9 0.8 -8.2 -20.2 -11.1 -62.1 -3.2 -27.8 -29.1 4.4 1.2 -0.2 1.3 -10.7 2.9 1.2 -13.2 -12.8 -22.4 -17.8 21.6 -13.8 -6.6 13.4 -11.1 -7.3 3.0 -0.8 -1.9 -1.3 -1.4 -7.1 -5.4 -6.3 -7.6 16.8 -4.7 -11.1 -6.1 -12.5 -1.4 -2.1 -2.1 -12.0 -8.0 -4.2 -10.7 -6.4 1.6 1.0 -3.8 -6.4

-0.75 -1.25 3.00 0.00 -0.02 10.00 0.25 3.00 2.88 0.75 -0.25 3.75 0.50 4.00 0.30 9.00

641.7 265.8 303.6 934.0 1167.1 363.0 95.4 921.0 189.5 124.7 501.0 147.7 310.8 744.5 1895.8 500.6 364.8 369.8 1389.2 174.8 251.4 284.7 185.9 352.1 1750.1 486.9 327.9 181.3 479.1 549.5 778.8 973.3 973.0 23.1 59.2 389.8 113.4 936.1 2335.3 561.5 210.5 214.8 411.8 34537. 1 110.4 186.0 600.9 1.2 1.5 1581.5 214.1 329.5 285.2 162.1 200.3 179.3 497.6 250.3 696.7 253.7 926.7

-9.8 -13.5 -10.7 -13.4 -7.5 -12.0 -1.9 -17.2 -0.8 -7.8 2.5 -2.3 -1.5 -10.4 -6.5 2.4 16.8 -0.1 -6.6 -7.0 -5.5 -13.9 -0.5 -10.2 -11.7 -3.7 -1.0 -10.9 -14.2 -11.0 -5.2 3.5 10.5 -14.5 3.5 -8.0 -36.1 -8.7 -19.7 -17.4 -2.2 -10.4 -3.5 -0.4 -11.2 -9.9 -4.6 -15.8 -13.3 -1.9 2.5 -10.2 -5.7 -9.3 0.2 -10.3 -10.0 -6.3 -10.0 0.7 -8.6

129.86 131.00 216.26 362.50 256.00 152.85 1101 498.41 99.00 163.00 438.00 60.00 175.00 103.00 238.43 642.00 205.75 211.00 1180.01

3.61 4.00 4.88 3.28 1.59 0.41 3.32 1.32 5.34 2.39 1.11 2.38 3.28 6.70 3.39 2.03 1.83 0.83

146.4 146.7 255.6 437.3 312.5 200.3 1214.9 624.7 192.7 655.1 68.3 207.6 149.4 309.1 787.5 284.8 300.2 1957.6

-6.8 -4.1 -3.8 -6.5 -9.6 -5.1 -5.2 -11.8 -7.9 -10.9 1.4 -10.4 -25.0 -19.0 -3.3 -14.7 -14.4 -7.9

Conventional - Private Equity Price +/-Chg AbnPvtEq 89.75 Altamir € 11.53 0.01 Dun Ent 351.00 6.00 Electra 3135 -10.00 ElectraPrf 149.00 F&C PvtEq 229.00 0.25 GraphEnt 576.00 -1.00 HVPE $ 13.40 0.05 HgCapital 1120 2.00 JPM Pvt Eq $ 0.90 0.00 JZ Capital 412.00 1.00 LMS Capitl 76.25 -0.75 Mithras 142.50 NB PE Ptnr $ 12.10 Nthn Invs 490.50 Pantheon 1299 PantheonR 1260 PrincssPE € 7.45 0.08 Riverstone 1009 -11.00 StdLfEuPv 202.75 0.75

52 Week High Low 96.00 76.02 11.99 9.43 434.75 332.84 3165 2338 151.00 142.00 233.00 197.00 619.00 536.10 13.50 10.81 1145.75 990.00 0.91 0.73 448.00 390.00 88.75 74.25 148.23 130.00 12.18 10.37 500.00 374.50 1305 1075 1258 1030 7.45 6.22 1040 822.00 236.42 200.00

Yld 2.28 4.70 2.34 1.30 2.59 0.70 2.04 7.98 2.47

NAV 115.4 15.7 496.4 3161.7 141.2 257.6 659.0 15.2 1241.7 1.1 657.8 95.6 153.0 509.3 1529.5 1529.5 9.0 1091.3 257.4

Dis(-) or Pm -22.2 -26.6 -29.3 -0.8 5.5 -11.1 -12.6 -11.8 -9.8 -18.2 -37.4 -20.2 -6.9 -3.7 -15.1 -17.6 -17.2 -7.5 -21.2

Conventional - Property ICs Price +/-Chg

52 Week High Low

NAV

Dis(-) or Pm

Direct Property

3.00 2.50 -2.00 0.75 2.00 3.50 0.25 -0.50 5.50 1.50 -2.00 -0.75 5.50 -1.00 -2.00 -17.00

149.00 141.50 261.75 426.00 343.39 201.90 1279 626.64 108.00 187.70 601.00 71.25 202.23 133.80 286.29 794.00 248.00 264.00 1908

Yld

AseanaPr $ AXA Propty CustdnREIT♦ F&CComPrp F&CUKRealE IndMultiPr InvistaERET Longbow PictonProp SLIPropInc UKComPrp

0.45 42.75 107.75 140.00 103.25 53.00 0.95 105.63 72.00 85.00 90.95

-0.25 -1.00 -1.25 -1.50 -0.08 -0.63 -0.25 -0.35

0.47 0.39 0.6 43.63 37.00 115.50 103.50 148.40 116.50 4.29 119.7 104.50 81.00 4.84 90.2 73.00 46.00 4.40 0.30 10.1 106.75 100.50 73.00 56.00 4.17 65.2 85.50 72.00 5.36 75.4 92.65 78.30 5.34 82.1

-25.0 17.0 14.5 -90.6 10.4 12.7 10.8

SchdrGlbRe TR Prop

123.50 291.70

1.00 126.50 29.00 3.40 133.4 -4.30 321.70 232.40 2.55 302.2

-7.4 -3.5

VCTs

52 Week Price +/-Chg High Low 69.00 70.89 67.00 100.00 101.00 98.00 88.00 92.00 85.00 76.50 81.00 71.25 66.00 68.75 64.00

Property Securities

AlbionDev ..D Albion Ent AlbionTech AlbionVCT

Yld NAV 7.25 73.1 2.50 107.3 5.68 94.6 8.17 83.7 7.58 69.2

Dis(-) or Pm -5.6 -6.8 -7.0 -8.6 -4.6

-

Ordinary Income Shares 52 Week Price +/-Chg High Low Yld JPM I&C 99.50 -0.25 101.00 86.00 6.28 JupiterDv&G 4.25 5.83 3.50 16.94 M&GHI&Gt 60.00 68.80 55.00 Rghts&Icp 4115 10.00 4900 3800 -

HR WO GRY 0% -13.9 -1.8 5.6 -34.7 -14.8 -4.8 -64.5 3.5

Income Shares

HR WO GRY 0% -57.9 8.7 -14.7 -4.1 28.2

JPM In&Gr♦ M&GHghIc Rghts&I♦

Price +/-Chg 94.50 56.50 980.00 -65.00

Capital Shares

52 Week High Low Yld 97.00 90.15 4.79 63.00 53.00 1252 895.00 3.16 52 Week High Low 15.40 9.00 6.40 3.00

SP 1.4 7.4

Zero Dividend Preference Shares 52 Week Price +/-Chg High Low Abf Gd Inc 150.88 0.13 152.00 139.75 EcofinWatr 153.75 154.30 145.00 F&C PvtEq 151.50 152.14 146.25 JPM I&C 172.38 172.50 162.50 JupiterDv&G 111.75 113.70 99.30 JZ Capital 356.00 0.25 357.20 335.50 M&GHghIc 113.50 114.70 105.00 UtilicoFn16 185.63 185.75 172.50 UtilicoFn18 145.00 146.50 117.00 UtilicoFn20 112.25 113.00 100.00

SP -35.4 -71.0 -17.8 -5.3 -85.6 -18.1 -57.3 -18.9 -9.5

JPM Inc&Gr M&GHghIc

Price +/-Chg 11.50 4.20 -

HR WO TAV 0% -3.3 8.0 6.2 HR WO TAV 0% 159.7 -94.4 160.7 192.1 129.6 369.8 -91.5 122.8 192.8 -31.3 160.5 -11.9 154.9

69.40 35.25 -1.50 17.00 9.50 7.00 4.00 240.70 184.56 126.70 60.21 -

75.8 45.6 -

-17.2 -72.6 -

52 Week Price +/-Chg High Low Yld P/E 1580000 1590000 1400000 67.70 1062.5 1260 1005 2.38 25.57 124.00 132.00 112.50 3.60 -26.43

Vol 000s 0.0 0.2 1.7

ISDX ArsenalFC ShephdNm Thwaites

Guide to FT Share Service For queries about the London Share Service pages e-mail [email protected]. All data is as of close of the previous business day. Company classifications are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE 100 constituent stocks are shown in bold. Closing prices are shown in pence unless otherwise indicated. Highs & lows are based on intra-day trading over a rolling 52 week period. Price/earnings ratios (PER) are based on latest annual reports and accounts and are updated with interim figures. PER is calculated using the company’s diluted earnings from continuing operations. Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures. Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares. Net asset value per share (NAV) and split analytics are provided only as a guide. Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV and terminal asset value per share (TAV) in pence. X ♦ ■ #

FT Global 500 company trading ex-dividend trading ex-capital distribution price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. The London Share Service is a paid-for-print listing service and may not be fully representative of all LSE-listed companies. This service is available to all listed companies, subject to the Editor’s discretion. For new sales enquiries please email [email protected] or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM AdFrntMkt CrysAmber GLI Finance♦

52 Week Price +/-Chg High Low Yld NAV 57.38 65.50 55.00 63.1 151.00 0.50 157.66 129.81 0.3 149.1 62.63 65.00 52.00 8.0 -

Dis(-) or Pm -9.1 1.3 -

www.morningstar.co.uk

★

Thursday 12 March 2015

29

FINANCIAL TIMES

MANAGED FUNDS SERVICE Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Barings (Luxembourg)

(IRL)

(LUX)

FCA Recognised

www.acpi.com Regulated

Russia A GBP Inc F

ACPI Emerging Mkts FI UCITS Fund USD A $ 107.79

-

-0.75 0.00

ACPI Global Credit UCITS Funds USD A $ 13.92

-

0.01 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.30

-

0.19 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 87.56

-

-0.24 0.00

ACPI International Bond UCITS Fund USD A $ 18.17

-

0.02 0.00

ACPI Select UCITS Funds PLC

(IRL)

Regulated

Artemis Fund Managers Ltd (1200)F

(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051 Authorised Inv Funds

£ 23.72

-

-1.11 0.00

(UK) Barmac Asset Management Ltd 40 Dukes Place, London, EC3A 7NH Authorised Corporate Director - Capita Financial Managers Dealing: 0845 922 0044 Authorised Inv Funds

Artemis Capital R ACC

1238.08 1308.58 -6.96 1.43

Retail Accumulation 2

114.39

-

-0.43 0.00

Artemis European Growth R Acc

246.31 260.00 -0.40 3.52

Retail Income 2

112.97

-

-0.46 0.00

Artemis European Opps R Acc

72.18 76.17 -0.39 1.32

The Castleton Growth Fund Ret Acc

F

111.05

-

-0.40 0.00

The Castleton Growth Fund Ret Inc

F

111.48

-

-0.42 0.00

ACPI Balanced UCITS Fund USD Retail $ 14.25

-

-0.07 0.00

Artemis Global Energy R Acc

26.73 28.30 -0.28 0.00

ACPI Balanced UCITS Fund EUR Retail € 10.79

-

-0.05 0.00

Artemis Global Growth R Acc

180.62 190.60 -0.52 0.75

ACPI Balanced UCITS Fund GBP Retail £ 10.88

-

-0.05 0.00

Artemis Global Income R Acc

96.35 101.76 -0.74 3.75

ACPI Balanced UCITS Fund USD Institutional $ 10.00

-

-

-

BlackRock

Artemis Global Income R Inc

79.67 84.14 -0.61 3.87

Regulated

ACPI Balanced UCITS Fund EUR Institutional € 10.00

-

-

-

Artemis Global select R Acc

71.13 75.08 -0.30 0.00

BlackRock UK Property

£ 38.97

-

0.08 3.70

ACPI Balanced UCITS Fund GBP Institutional £ 10.00

-

-

-

Artemis High Income R Inc

81.25 86.51 -0.10 5.58

Blackrock UK Long Lease

£ 1043.92

-

0.81 0.00

ACPI Focused Equity UCITS Fund $ 13.17

-

Artemis Income R Inc

210.34 222.93 -1.84 3.95

BLK Intl Gold & General

$

4.82 -0.10 0.00

Artemis Income R Acc

345.53 366.22 -3.03 3.84

0.03 0.00

Abbey Life Assurance Company Limited

(UK) 100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 additional fund prices can be found @ www.abbeylife.co.uk Insurances

Artemis Monthly Dist R Inc

Artemis Strategic Assets R Acc

76.31 80.71 -0.95 0.00

Life Funds

Artemis Strategic Bond R M Acc

84.61 89.82 0.03 3.95

Artemis Strategic Bond R M Inc

55.77 59.20 0.02 4.02

100.47

Artemis Pan-Euro Abs Ret GBP

-

-0.07

-

1481.40 1559.40 0.00

-

Selective Acc. Ser 2

1551.90 1633.60 -7.70

-

Artemis Strategic Bond R Q Acc

84.70 89.91 0.03 3.95

American Ser. 4

1675.50 1763.70 -25.70

-

Artemis Strategic Bond R Q Inc

56.00 59.44 0.02 4.03

Custodian Ser. 4

487.40 513.00 -1.60

-

Artemis UK Growth R Acc

430.56 456.30 -4.09 0.57

Equity Ser. 4

565.70 595.50 -6.70

-

Artemis UK Smaller Cos R Acc

1032.87 1112.70 -4.09 0.54

European Ser 4

579.80 610.40 -2.00

-

Artemis UK Special Sits R Acc

505.11 537.23 -4.86 1.65

Fixed Int. Ser. 4

883.70 930.20 2.00

-

Artemis US Abs Ret I Acc

100.81

-

-0.50

-

Intl Ser. 4

442.80 466.10 -4.20

-

Artemis US Equity I Acc

111.15

-

-1.11

-

Japan Ser 4

369.90 389.40 1.40

-

Artemis US Select I Acc

111.20

-

-1.20

-

Artemis US Smlr Cos I Acc

117.34

-

-0.81

-

Man. Ser. 4

1670.50 1758.50 -10.90

-

Money Ser. 4

524.10 551.70 0.00

-

Prop. Ser. 4

1060.60 1116.40 0.00

-

Custodian Ser 5

468.80 493.50 -1.60

-

Artemis Fund Managers Ltd

International Ser 5

426.00 448.40 -4.00

-

Regulated

-

Artemis Gbl Hedge Fd Ltd GBP

1607.00 1691.60 -10.50

113.14

Artemis US Ex Alpha I Acc

-

-1.19

-

(CYM)

£ 55.73

-

0.13

-

Money Ser 5

513.20 540.20 0.00

-

Artemis Gbl Hedge Fd Ltd EUR

€ 51.90

-

0.00

-

Property Ser 5

1020.20 1073.90 -0.10

-

Artemis Gbl Hedge Fd Ltd USD

$ 56.06

-

0.10

-

Artemis Pan-Euro Hdg EUR

€ 176.28

-

-3.15

-

Pension Funds American

1930.10 2031.70 -34.10

-

Artemis Pan-Euro Hdg GBP

£ 196.03

-

-3.39

-

Equity

5003.60 5267.00 -75.20

-

Artemis Pan-Euro Hdg USD

$ 184.97

-

-3.07

-

European

1172.90 1234.60 -7.70

-

Fixed Int.

1614.80 1699.70 6.80

-

International

942.60 992.20 -10.60

-

Japan

389.40 409.90 1.10

-

Managed

4336.70 4564.90 -33.90

-

(IRL) Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Tel: 44 (0) 207 766 7130 FCA Recognised Artisan Partners Global Funds plc

Property

2722.60 2865.90 0.40

-

Artisan Emerging Markets I USD Acc $

7.43

-

-0.10 0.00

Security

1477.10 1554.80 0.00

-

Artisan Global Equity Fund Class I USD Acc $ 14.85

-

-0.23 0.00

Selective

1981.90 2085.10 -8.40

-

Artisan Global Opportunities I USD Acc $ 11.73

-

-0.18 0.00

Formerly Hill Samuel Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Managed Ser A (Life)

1578.60 1670.50 -15.90

-

Managed Ser A (Pensions)

1058.90 1114.60 -12.70

-

Formerly Target Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Managed (Life)

1599.30 1683.50 -16.20

-

Managed Growth (Life)

508.60 535.30 -7.30

-

Managed (Pensions)

6353.10 6687.40 -76.20

-

Managed Growth (Pensions)

624.30 657.20 -10.80

-

additional fund prices can be found on our website

4.57

64.13 68.03 -0.08 4.72

Prop. Acc. Ser 2

Managed Ser 5

(JER)

Artisan Partners Global Funds PLC

Artisan Global Value Fund Class I USD Acc $ 16.07

-

-0.28 0.00

Artisan US Value Equity Fund Class I USD Acc $ 11.43

-

-0.22 0.00

Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg FCA Recognised

Fund

Bid

CF Heartwood Balanced Income B Inc

116.61

-

-0.69 2.45

CC Asia Alpha Fd - Cls B USD

$ 12.01 12.01 -0.09 0.00

Fidelity PathFinder Foundation 3 Acc (clean) £

1.12

-

0.00

-

Frk Gold and Precious Mtls Fd F

$

3.49

-

-0.10 0.00

CF Heartwood Balanced B Acc

128.14

-

-0.80 0.63

CC Asia Alpha Fd - Cls C GBP

£ 11.87 11.87 -0.09 0.00

Fidelity PathFinder Foundation 4 Acc (clean) £

1.14

-

-0.01

-

Frk India

$ 33.79

-

-0.10 0.00

CF Heartwood Defensive Multi Asset Fund B Accumulation

110.58

-

-0.04 0.01

CC Asia Alpha Fd - Cls I USD

$

9.49 -0.07 0.00

Fidelity PathFinder Foundation 5 Acc (clean) £

1.20

-

0.00

-

Frk Japan Fd

¥ 859.96

-

-4.13 0.00

CF JM Finn Gbl Opps A Acc

276.29

-

-2.83 1.55

CC Asian Evolution Fd. Cls A USD $ 14.44

-

-0.09 0.00

Fidelity PathFinder Focussed 1 Gross Acc (clean) £

1.11

-

0.00

-

Frk K2 Alt Strat Fd

$ 10.52

-

-0.04

CF Richmond Core

197.01

-

-2.65 0.00

CC Asian Evolution Fd. Cls B GBP £ 13.68 13.68 -0.11 0.00

Fidelity PathFinder Focussed 1 Acc (clean) £

1.11

-

0.00

-

Frk MENA Fund

$

7.05

-

-0.03 0.00

CF Seneca Diversified Growth A ACC

219.16

-

-1.02 1.16

CC Asian Evolution Fund - Cls C USD Acc $ 16.20

Fidelity PathFinder Focused 2 Acc (Clean) £

1.13

-

0.00

-

Frk Mutual Beacon

$ 71.58

-

-1.21 0.00

CF Seneca Diversified Growth B ACC

129.07

-

-0.59 1.96

CC Japan Alpha Fd - Cls A Euro

€ 10.83 10.83 -0.03 0.00

Fidelity PathFinder Focussed 3 Acc (clean) £

1.14

-

-0.01

-

Frk Mutual European EUR

€ 25.37

-

-0.24 0.00

CF Seneca Diversified Growth N ACC

128.02

-

-0.59 1.70

CC Japan Alpha Fd - Cls B GBP

£ 11.80 11.80 -0.04 0.00

Fidelity PathFinder Focussed 4 Acc (clean) £

1.16

-

-0.01

-

Frk Mutual Gbl Disc

$ 17.43

-

-0.36 0.00

CF Seneca Diversified Income A INC

89.95

-

-0.47 5.40

CC Japan Alpha Fd - Cls C JPY

¥ 1156.59 1156.59 -4.01 0.00

Fidelity PathFinder Focussed 5 Acc (clean) £

1.16

-

-0.01

-

Frk Natural Resources Fd F

$

7.26

-

-0.18 0.00

CF Seneca Diversified Income B INC

106.38

-

-0.55 5.97

CC Japan Inc & Grwth Fd - Cls Acc USD $ 16.90 16.90 -0.13 0.00

The EFG-Hermes Egypt Fund

$ 29.93

-

-

0.00

Fidelity PathFinder Freedom 1 Gross Acc (clean) £

1.09

-

0.00

-

Frk Real Return Fd F

$ 10.37

-

-0.03 0.00

CF Seneca Diversified Income N INC

105.47

-

-0.54 5.97

CC Japan Inc & Grwth Fd - GBP Founder Acc £ 17.39 17.39 -0.14 0.00

Middle East & Developing Africa Fund (Final) $ 19.81

-

-

0.00

Fidelity PathFinder Freedom 2 Acc (clean) £

1.09

-

0.00

-

Frk Strategic Income Fd

$ 14.71

-

(LUX)

Regulated BlueBay EmMkt B-USD BlueBay EmMktCrp B-USD

$ 290.54 $ 165.06

-

-1.29 0.00 -0.87 0.00

+/- Yield

-0.04 0.00

CC Japan Inc & Grwth Fd - GBP Founder Inc £ 16.50 16.50 -0.14 0.00

Saudi Arabia Equity Fund

-

0.00 0.00

Fidelity PathFinder Freedom 1 Acc (clean) £

1.09

-

0.00

-

Frk Technology

$ 11.00

-

-0.21 0.00

Fidelity PathFinder Freedom 3 Acc (clean) £

1.09

-

0.00

-

Frk U.S. Focus Fund

$ 16.87

-

-0.33 0.00

Fidelity PathFinder Freedom 4 Acc (clean) £

1.10

-

0.00

-

Frk US Equity

$ 24.74

-

-0.46 0.00

Fidelity PathFinder Freedom 5 Acc (clean) £

1.15

-

-0.01

-

Frk US Opportunities

$ 12.24

-

-0.18 0.00

Fidelity PathFinder Income 1 Income (clean) £

1.05

-

0.00 3.60

Frk US Sml Mid Cap Gth F

$ 19.83

-

-0.31 0.00

Fidelity PathFinder Income 1 Gross Income (clean) £

1.05

-

-0.01 4.41

Frk Wrld Perspective Fd

$ 19.32

-

-0.30 0.00

Fidelity PathFinder Income 2 Income (clean) £

1.05

-

-0.01 3.31

Tem Africa

$ 10.70

-

-0.09 0.00

Fidelity PathFinder Income 2 gross £

1.07

-

0.00 4.32

Tem Asian Sml Comp Fd

$ 38.51

-

-0.35 0.00

Fidelity PathFinder Income 2 Gross Income (clean) £

1.06

-

0.00 4.15

Tem BRIC

$ 13.16

-

-0.14 0.00

Fidelity PathFinder Income 3 Income (clean) £

1.06

-

0.00 3.79

Tem China

$ 22.87

-

-0.10 0.00

Tem Eastern Europe

€ 18.88

-

-0.36 0.00

9.96

-

-0.09 0.00

Investment Adviser - DSM Capital Partners The Westchester

Fund

Bid

Offer

9.49

-

+/- Yield

-

-0.38 0.00

CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1758.95 1758.95 -14.55 0.00

The Westchester Class 1 GBP Acc £ 19.45

-

-0.24 0.00

CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1658.14 1658.14 -13.71 0.00

The Westchester Class 2 GBP Acc £ 19.47

-

-0.25 0.00

CC Japan Inc & Grwth Fd - USD Founder Acc $ 17.30 17.30 -0.14 0.00

Investment Adviser - Morant Wright Management Limited CF Morant Wright Japan A

261.71

-

-0.08 0.00

CF Morant Wright Japan A Inc

257.85

-

-0.08 0.00

CF Morant Wright Japan B

277.46

-

-0.08 0.41

CF Morant Wright Japan B Inc

263.03

-

-0.07 0.42

CF Morant Wright Nippon Yield ACC A

266.64

-

0.22 2.05

CF Morant Wright Nippon Yield ACC B

275.49

-

0.24 2.04

CF Morant Wright Nippon Yield Fund A Inc

236.76

-

0.20 2.09

244.69

-

0.21 2.09

Cavendish Asset Management Limited (1200)F (UK) Chelsea House, Westgate, London W5 1DR IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Authorised Inv Funds

BlueBay EmMktSel B-USD

$ 152.30

-

-0.99 0.00

Cavendish Opportunities Fund B Class

1007.00

-

-8.00 1.36

BlueBay EmMkLocCy B-USD

$ 144.21

-

-0.96 0.00

Cavendish Opportunities Fund A Class

999.50

-

-9.50 0.54

BlueBay GlblConv I-USD

$ 187.62

-

-1.34 0.00

Cavendish Opportunities Fund C Acc

1033.00

-

-9.00 1.20

BlueBay GlblHgYd B-USD

$ 132.10

-

-0.74 0.00

Cavendish Worldwide Fund B Class

310.90

-

-2.20 0.94

Fund

Bid

Offer

+/- Yield

-0.03 0.00

$ 27.03

CF Morant Wright Nippon Yield Fund B Inc

BlueBay Asset Management LLP

Offer

CC Japan Inc & Grwth Fd - USD Founder Inc $ 16.43 16.43 -0.13 0.00

EFG Hermes DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Contact: Telephone + 971 4 363 4029 Email [email protected] Other International Funds

SR 15.34

Electric & General (1000)F

(UK)

Stuart House St.John's Street Peterborough PE1 5DD Orders & Enquiries: 0845 850 0255 Authorised Inv Funds Authorised Corporate Director - Carvetian Capital Management Electric&General Net Income A

138.50

-

-1.40 2.04

Ennismore Smaller Cos Plc

(IRL)

5 Kensington Church St, London W8 4LD 020 7368 4220 FCA Recognised

Crèdit Andorrà Asset Management

(LUX)

www.creditandorra.com FCA Recognised

Ennismore European Smlr Cos NAV £ 88.27

-

-0.55 0.00

Ennismore European Smlr Cos NAV € 124.34

-

0.71 0.00

Ennismore European Smlr Cos Hedge Fd

Crediinvest SICAV Money Market Eur I € 11.23

-

0.00 0.00

Crediinvest SICAV Money Market Usd A $ 10.02

-

0.00 0.00

Crediinvest SICAV Fixed Income Eur € 11.06

-

0.00 0.00

Crediinvest SICAV Fixed Income Usd $ 10.69

-

0.00 0.00

Crediinvest SICAV Spanish Value € 275.17

-

-4.22 0.00

Crediinvest SICAV International Value € 250.70

-

-1.69 0.00

Crediinvest SICAV Big Cap Value € 18.99

-

-0.32 0.00

Crediinvest SICAV US American Value $ 18.15

-

-0.30 0.00

Euronova Asset Management UK LLP

Crediinvest SICAV Sustainability € 16.34

-

-0.01 0.00

Regulated

Other International Funds € 444.73

NAV

-

-0.09 0.00

Equinox Fund Mgmt (Guernsey) Limited

(GSY)

Regulated Equinox Russian Opportunities Fund Limited $ 99.74 103.11 15.69 0.00

(CYM)

Fund

Bid

Offer

+/- Yield

Institutional OEIC Funds -0.04 0.40

Tem Emerging Mkts Sml Comp Fd $

Emerging Markets

£

3.36

-

0.00 0.50

Tem Euroland

€ 20.19

-

-0.25 0.00

Europe

£

4.07

-

0.00 2.37

Tem European EUR

€ 21.88

-

-0.28 0.00

Fidelity Pre-Retirement Bond Fund £ 116.70

-

0.30 1.55

Tem Frontier Mkts Fund

$ 18.37

-

-0.08 0.00

Global Focus

£

2.81

-

-0.02 0.52

Tem Growth (Euro)

€ 16.85

-

-0.09 0.00

Index Linked Bond

£

2.49

-

0.02 0.66

Tem Korea

$

5.07

-

-0.11 0.00

Index Linked Bond Gross

£

3.00

-

0.03 0.66

Tem Thailand

$ 21.06

-

-0.44 0.00

Index-Linked Bond Fund Gross Inc £ 11.75

-

0.12 0.66

Japan

£

2.08

-

0.02 0.73

Frontier Gottex

Long Bond

£

0.50

-

0.00 2.82

Authorised Inv Funds

Long Bond Gross

£

0.80

-

0.00 2.76

FP Frontier MAP Balanced Fund

Long Bond Fund Gross Inc

£ 11.13

-

0.03 2.81

Pacific (Ex Japan)

£

3.85

-

-0.01 1.82

Pan European

£

2.66

-

-0.01 1.99

Reduced Duration UK Corporate Bond £ 10.69

-

0.00 3.17

Reduced Duration UK Corporate Bond Gross £ 10.82

-

0.01 3.17

Reduced Duration UK Corporate Bond Inc £ 10.24

-

0.00 3.17 0.01 3.17

-

0.09 0.00

Cavendish Worldwide Fund A Class

310.20

-

-2.20 0.15

-

-0.02 0.00

Cavendish Worldwide Fund C Acc

317.00

-

-2.30 0.80

BlueBay InvGr B-EUR

€ 177.51

-

0.11 0.00

Cavendish AIM Fund B Class

152.90

-

-0.70 0.39

BlueBay InvGEurGv B-EUR

€ 155.08

-

0.73 0.00

Cavendish AIM Fund A Class

148.80

-

-0.80 0.00

BlueBay InvGEurAg I-EUR

€ 154.79

-

0.45 0.00

Cavendish Asia Pacific Fund B Class

170.60

-

-1.20 1.45

BlueBay InvGLibor B-EUR

€ 126.79

-

-0.13 0.00

Cavendish Asia Pacific Fund A Class

170.20

-

-1.10 0.66

HighIncomeLoan H-EUR

€ 192.54

-

0.52 0.00

Cavendish Asia Pacific Fund C Acc

175.50

-

-1.10 1.43

Cavendish European Fund B Class

136.90

-

-0.60 1.27

Reduced Duration UK Corp Bond Gross Inc £ 10.26

-

BONHOTE

Cavendish European Fund A Class

135.60

-

-0.60 0.37

Davis Value A

$ 40.17

-

-0.77 0.00

Other International Funds

Select Emerging Markets Equities £

1.28

-

0.00 0.96

Cavendish Japan Fund B Class

153.50

-

0.10 0.80

Davis Global A

$ 29.02

-

-0.48 0.00

Select European Eqts

1.73

-

0.01 1.88 -0.01 0.94

Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00

-

0.00 2.46

Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10232.00

-

112.00 0.83

Braemar Group PCC Limited

(GSY)

Regulated UK Agricultural Class A

£

1.26

-

0.00 0.00

UK Agricultural Class B

£

1.38

-

0.00 0.00

Student Accom Class B

£

0.72

-

-0.28 0.00

CAF Financial Solutions

(UK)

Kings Hill, West Malling, Kent 03000 123 222 Property & Other UK Unit Trusts CAF UK Equitrack Inc Fd

73.06 73.06 -0.89 3.32

Cavendish North American Fund A Class

189.70

-

-3.20 0.00

Cavendish Technology Fund B Class

274.20

-

-4.70 0.09

1 Poultry, London EC2R 8JR 020 7 415 4130 Authorised Inv Funds

Cavendish Technology Fund A Class

261.80

-

-4.60 0.00

Cavendish UK Balanced Income Fund B Class

141.00

-

-1.40 5.10

Cavendish UK Balanced Income A Class

134.60

-

-1.40 5.34

(LF) Cash Fund (RON)

Cavendish UK Select Fund B Class

158.40

-

-2.00 1.65

(LF) Eq Emerging Europe

€

Cavendish UK Select Fund A Class

158.00

-

-2.00 0.86

(LF) Eq Flexi Style Greece

€

Regulated -

8.21 0.00

£ 364.12

-

6.95 0.00

Cedar Rock Capital Fd Plc

€ 332.65

-

12.92 0.00

-0.05 0.38 0.07 2.90

Ashmore SICAV Emerging Market Frontier Equity Fund $ 159.47

-

-1.33 2.00

FP CAF Fixed Interest A class Inc

102.06

-

0.07 2.95

Ashmore SICAV Emerging Market Total Return Fund $ 84.58

-

-0.53 10.59

FP CAF Fixed Interest B class Acc

114.68

-

0.08 2.90

Ashmore SICAV Global Small Cap Equity Fund $ 127.58

-

-1.97 0.07

FP CAF Fixed Interest B class Inc

102.35

-

0.07 2.95

Ashmore SICAV Local Currency Fund $ 84.83

-

-0.76 1.93

FP CAF International Equity A Class Acc

144.02

-

-0.50 0.75

EM Mkts Corp.Debt USD F

$ 95.74

-

-0.03 9.80

FP CAF International Equity A Class Inc

140.45

-

-0.48 0.76

EM Mkts Loc.Ccy Bd USD F

$ 85.55

-

-1.10 11.09

FP CAF UK Equity A Class Acc

148.70

-

-1.16 2.11

FP CAF UK Equity A Class Inc

137.21

-

-1.07 2.14

FP CAF UK Equity B Class Acc

148.70

-

-1.16 2.11

FP CAF UK Equity B Class Inc

137.20

-

-1.06 2.14

Charles Schwab Worldwide Funds Plc

(IRL)

Regulated Schwab USD Liquid Assets Fd

$

(UK)

1.00

-

0.00 0.01

Chartered Asset Management Pte Ltd Other International Funds

-

0.00 0.68

Regulated

Sterling Core Plus Bond Gr Accum £

2.03

-

0.01 3.61

UK

£

3.50

-

-0.03 1.85

0.00 0.00

UK Aggreg Bond Gr Accum

£

1.80

-

0.01 3.11

RON 15.78

-

-0.02 0.00

UK Aggregate Bond Inc

£

1.23

-

0.00 3.17

0.81

-

-0.02 0.00

UK Corporate Bond

£

1.25

-

0.00 3.97

1.22

-

0.02

UK Corporate Bond - Gross

£

2.26

-

0.00 3.84

(LF) Global Bond Fd

€ 12.52

-

0.08 0.00

UK Corporate Bond Fund Gross Inc £ 11.34

-

0.04 3.96

(LF) Global Equities

€

1.21

-

-0.01 0.00

UK Gilt Bond

£

1.27

-

0.00 1.89

(LF) Eq Mena Fund

€ 16.14

-

0.15 0.00

UK Gilt Gross

£

2.00

-

0.00 1.86

6 Duke Street,St.James,London SW1Y 6BN www.dodgeandcox.worldwide.com 020 3713 7664 FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund

(LF) Greek Government Bond

€ 15.23

-

-0.24 0.00

UK Long Corp Bond

£

1.41

-

0.01 4.33

GAM Global Diversified Acc

3982.67

-

-62.10 0.00

(LF) Income Plus $

$

1.22

-

0.00 0.00

UK Long Corp Bond - Gross

£

2.49

-

0.02 4.17

GAM North American Gwth Acc

3298.53

-

-52.85 0.00

(LF) Greek Corporate Bond

€ 11.03

-

-0.05 0.00

UK Long Corporate Bond Fund - Gross Income £ 11.30

-

0.05 4.31

GAM UK Diversified Acc

1857.16

-

-39.58 1.05

EUR Accumulating Class

Dodge & Cox Worldwide Funds

€ 12.41

(IRL)

-

-

0.13

-

(LF) FOF Balanced Blend

€

1.48

-

0.00 0.00

UK Specialist

1.85

-

-0.01 1.19

EUR Accumulating Class (H)

€

9.54

-

-0.03

-

(LF) FOF Equity Blend

€

1.38

-

0.00 0.00

Retail Share Classes

EUR Distributing Class

€ 12.18

-

0.14

-

(LF) FOF Glob. Emerging Mkts

€

0.96

-

0.00 0.00

Emerging Markets - retail

£

1.34

-

0.00 0.00

EUR Distributing Class (H)

€

9.35

-

-0.03

-

(LF) FOF Dynamic Fixed Inc

€ 12.39

-

0.12 0.00

Europe Long Term Growth

£

1.54

-

0.00 1.84

GBP Distributing Class

£ 10.53

-

0.01

-

(LF) FOF Real Estate

€ 17.25

-

0.10 0.00

GBP Distributing Class (H)

£

9.39

-

-0.03

-

$

9.58

-

-0.03

-

Dodge & Cox Worldwide Funds plc-Global Stock Fund USD Accumulating Share Class

$ 16.90

{*}CAR - Net income reinvested

FIL Fund Management

(LUX)

-

-0.29 0.00

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Phone: 800 22 089, 800 22 088 Regulated China Consumer A-GBP

£ 15.04

-

-0.34 0.00

-0.18 0.61

China Focus A-GBP

£

4.30

-

-0.06 0.24

www.alceda.lu FCA Recognised

EUR Accumulating Share Class

€ 23.71

-

-0.07 0.00

FIL Investment Services (UK) Limited (1200)F (UK)

Global Financial Services A-GBP £

0.44

-

0.00 0.00

130, Tonbridge Rd, Tonbridge TN11 9DZ Callfree: Private Clients 0800 414161 Broker Dealings: 0800 414 181 Authorised Inv Funds Unit Trust

Global Health Care A-GBP

£

0.56

-

-0.01 0.00

Global Industrials A-GBP

£

0.68

-

-0.01 0.00

Global Inflation-Linked Bd A-GBP-Hdg £

1.19

-

0.00 0.51

Global Real Asset Securities

£

1.47

-

-0.03 0.00

Global Technology A-GBP

£

0.25

-

0.00 0.00

Global Telecomms A-GBP

£

0.28

-

-0.01 1.00

India Focus A-GBP

£

4.85

-

-0.05 0.00

Latin America A-GBP

£

1.56

-

-0.02 0.18

AC Risk Parity 12 Fund EUR A

€ 148.19

-

-0.26 0.00

-

Dodge & Cox Worldwide Funds plc-International Stock Fund

Aspect Capital Ltd (UK) Other International Funds $ 417.68

Aspect Diversified USD

-

10.51 0.00

-0.20 0.00

Aspect Diversified EUR

€ 250.26

-

6.27

ACQ Risk Parity Bond Fund EUR A € 102.21 102.21 -0.07 0.00

Aspect Diversified GBP

£ 127.56

-

3.21 0.00

Aspect Diversified CHF

SFr 120.46

-

2.99 0.00

Aspect Diversified Trends USD

$ 124.79

-

0.20 0.00

Aspect Diversified Trends EUR

€ 124.81

-

0.21 0.00

AC Risk Parity 17 Fund EUR A

€ 97.28

-

Aspect Diversified Trends GBP

£ 128.87

-

0.21 0.00

Atlantas Sicav Allianz Global Investors GmbH(1200) F

(UK)

199 Bishopsgate, London, EC2M 3TY,0800 073 2001 Authorised Inv Funds OEIC Allianz BRIC Stars A Acc Allianz BRIC Stars C Acc

159.47 170.15

-

-0.95 0.61 -1.00 1.04

Allianz Brazil Fund A Acc

52.86

-

-0.08 1.01

Allianz Brazil Fund C Acc

54.12

-

-0.08 1.71

Allz Continental European A Acc

873.31

-

-3.11 0.19

Allz Continental European C Acc

140.85

-

-0.49 1.03

-

(LUX)

Regulated

Cheyne Capital Management (UK) LLP

-

-0.37 0.00

Cash Accum Units

-

-0.30 0.00

Cash Fund

£

1.00

1.00 0.00 0.12

Cheyne European Real Estate Bond Fund € 112.71

-

0.03 0.00

EUR Accumulating Share Class

€ 22.22

-

-0.13 0.00

Gross Accum Cash

£

1.28

1.28 0.00 0.00

The Public Sector Deposit Fund-share class 1 F

100.00

-

0.00 0.51

Cheyne Global Credit Fund

€ 121.56

-

-0.21 0.00

MoneyBuilder Cash ISA

£

1.00

1.00 0.00 0.12

The Public Sector Deposit Fund-share class 2 F

100.00

-

0.00 0.31

MoneyBuilder Global

£

2.64

2.64 -0.04 0.18

The Public Sector Deposit Fund-share class 3 F

100.00

-

0.00 0.36

The Public Sector Deposit Fund-share class 4 F

100.00

-

0.00 0.41

The Public Sector Deposit Fund-share class 5 F

100.00

-

0.00 0.31

-54.82 0.00

CCLA Investment Management Ltd

Bond Global

€ 1414.68

-

36.08 0.00

Eurocroissance

€ 893.46

-

8.11 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts CBF Church of England Funds

Far East

$ 701.55

-

-8.88 0.00

Investment Inc

1371.31 1386.47 -5.84 3.78

Investment Acc

2730.69 2760.89 -11.65

Global Equity Inc

161.99 163.79 -0.89 4.31

Global Equity Acc

230.00 232.54 -1.26

151.11 152.63 -1.15 4.05

(UK)

-

Regulated

132.76

-

-1.22 3.55

$ Income Fund - Share Class A Acc $ 1137.49

-

0.01 0.00

Allz European Eq Inc A Acc

180.20

-

-1.66 3.70

$ Income Fund - Share Class B Acc $ 1156.98

-

0.01 0.00

UK Equity Acc

218.40 220.60 -1.66

Allz European Eq Inc C Acc

101.23

-

-0.93 3.51

$ Income Fund - Share Class C Acc $ 1006.98

-

0.00 0.00

Fixed Interest Inc

164.27 164.93 -2.01 3.96

Allz European Eq Inc C Inc

97.67

-

-0.90 3.43

$ Income Fund - Share Class D Dis $ 1000.18

-

0.01

Fixed Interest Acc

488.36 490.32 -5.96

Allianz EcoTrends A Acc

89.35

-

-0.95 0.00

$ Income Fund - Share Class G Acc £ 1075.82

-

0.00 0.00

Property Fund Inc

125.62 129.83 0.16 6.51

Property Fund Acc

218.74 226.07 0.27

-

-

Other International Funds

-

Allz RiskMaster Growth A Acc

124.73

-

-0.33 0.00

Allz RiskMaster Growth C Acc

127.57

-

-0.33 0.02

Allz RiskMaster Moderate A Acc

123.45

-

-0.27 0.00

(JER) 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 FCA Recognised Bond Funds Sterling Bond F

Allz RiskMaster Moderate C Acc

125.53

-

-0.27 0.48

Allz Sterling Total Return Fund A Inc

151.49

-

0.22 3.02

Allz Sterling Total Return Fund C Inc

151.97

-

0.22 3.58

£

0.46

-

Baring Fund Managers Ltd (1200)F

0.00 3.35

(UK)

Allz Total Return Asian A Acc

682.36

-

-7.67 1.29

Allz Total Return Asian C Inc

629.88

-

-7.07 1.18

Dealing and Enquiries 020 7214 1004 Fund Information: www.barings.com Authorised Inv Funds

Allz UK Corporate Bond A Inc

106.47

-

0.22 3.74

Dynamic Capital Growth Acc

Allz UK Corporate Bond C Inc

107.11

-

0.22 3.63

Dynamic Capital Growth Inc

268.40 283.50 -0.60 1.25

Allz UK Equity Income A Inc

280.86

-

-3.58 4.43

Eastern Acc GBP

682.70

Allz UK Equity Income C Inc

100.69

-

-1.29 3.13

Eastern Inc GBP

Allianz UK Growth A Acc

4347.16

-

-48.44 1.62

Europe Select Inc GBP

2484.00

Allianz UK Growth C Acc

100.72

-

-1.12 1.29

European Growth Inc

1025.00 1080.00 -1.00 1.05

Allianz UK Unconstrained C Acc

99.93

-

-1.06 0.72

German Growth Acc GBP

593.90

-

2.50 0.72

Allianz UK Unconstrained A Acc

207.77

-

-2.22 0.83

German Growth Inc GBP

548.10

-

2.20 0.53

Allianz UK Index C Acc

1815.69

-

-23.06 2.84

Strategic Bond Inc

119.60 125.70 0.40 1.89

Allianz UK Index C Inc

1285.61

-

-16.34 2.40

Global Growth Inc

384.90 405.50 -4.00 0.00

670.00

-

-6.20 0.00 -6.00 0.00 -13.00 0.62

Allianz UK Mid Cap A Acc

3824.95

-

-53.93 0.85

Japan Growth Acc

134.90 142.20 -0.10 0.27

Allianz UK Mid Cap Fund C Acc

3887.37

-

-54.72 1.62

Korea Acc

258.80 274.40 -1.20 0.00

Allianz US Equity A Acc

408.46

-

-7.23 0.13

Multi Asset A Acc ... C

158.20

-

-0.20 0.72

Allianz US Equity C Acc

188.75

-

-3.35 0.80

Multi Asset A Inc ... C

152.70

-

-0.20 0.72

UK Growth Inc

247.90 262.20 -2.50 1.33

Yield expressed as CAR (Compound Annual Return) All transactions to Ser A units the sell price will be used

Charity Fund 0800 032 6347 (charity enquiries)

Amundi Funds

(LUX) 5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 www.amundi-funds.com FCA Recognised Bd. Euro Corporate AE Class - R - EUR € 19.27

-

0.01 0.00

Bd. Global AU Class - R - USD

-

-0.03 0.00

$ 26.37

Targeted Return Fund Acc

145.80 146.60 -0.50 3.11

Targeted Return Fund Inc

114.90 115.60 -0.50 3.17

(IRL) Baring International Fd Mgrs (Ireland) Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 FCA Recognised

1.12

-

0.00 2.59

Latin American Fund USD Class

-0.09 0.36

1.52

-

0.00 0.21

Cheyne Real Estate Credit Holdings Fund £ 142.17

-

2.20 0.00

Emerging Asia

£

1.27

-

Cheyne Real Estate Debt Fund Class A1 £ 130.26

-

1.95 0.00

DGT Luxury Consumer - £ I

£ 132.60

-

-2.08 0.00

Emerg Eur, Mid East & Africa H

£

1.44

Cheyne Total Return Credit Fund - December 2017 Class $ 190.77

-

-6.98 0.00

DGT Luxury Consumer - £ R

£ 127.81

-

-2.01 0.00

Enhanced Income - Acc

£

1.88

Cheyne Total Return Credit Fund December 2019 $ 133.38

-

-1.32

DGT Managed - £ I

£

1.15

-

-0.02 0.00

Enhanced Income - Inc

£

DGT Managed - £ R

£

1.17

-

-0.01 0.00

European - Inc

£

CMI Asset Mgmt (Luxembourg) SA

€ 30.86

-

0.34 0.86

CMI Pacific Basin Enhanced Equity $ 43.87

-

-0.20 2.30

$ 10.08

Other International AEF Ltd Usd

$ 619.10

-

AEF Ltd Eur (Est)

€ 617.02

-

10.22

-

6.25 0.00

Arbiter Fund Managers Limited

(LUX)

$ 13.30

-

0.01 1.54

-

0.02 0.00

Cohen & Steers SICAV

(LUX)

Regulated

-0.16 0.00

-

-0.15 0.00

Baring International Fd Mgrs (Ireland)

Arisaig Global Emerging Markets Consumer UCITS € 12.41

-

-0.04 0.00

Regulated China A-Share A GBP Inc

£

5.70

-

(IRL) 0.14 0.00

40 Dukes Place, London EC3A 7NH Order Desk 08459 220044 Switchboard 0870 607 2555 Authorised Inv Funds CF Heartwood Cautious B Acc

129.83

-

-0.23 0.37

CF Heartwood Cautious Income B Inc

112.89

-

-0.38 2.14

CF Heartwood Growth B Acc

147.95

-

-1.35 0.64

-

-2.00 2.25

Japan Smaller Companies

£

1.94

-

Higher Income Cls A Inc

129.20

-

-0.70 4.68

MoneyBuilder Asset Allocator

£

1.21

-

0.00 0.50

Higher Income Cls B Inc

132.60

-

-0.80 4.61

MoneyBuilder Balanced

£

0.50

-

-0.01 4.04

UK Equity Growth Cls A Inc

231.10

-

-1.70 0.46

Money Builder Dividend

£

2.59

-

-0.04 4.30

UK Equity Growth Cls B Inc

235.80

-

-1.60 1.24

MoneyBuilder Growth

£

0.75

-

-0.01 2.12

Amity International Cls B Inc

218.90

-

-1.70 2.09

Multi Asset Alloc Strategic A-Acc £

1.20

-

-0.01 0.27

Amity Sterling Bond Fund A Inc

110.20

-

0.00 5.19

Multi Asset Alloc Def - Gross A

£

1.13

-

0.00 0.27

0.10 5.18

Multi Asset Alloc Def - Net A

£

1.13

-

0.00 0.24

Multi Asset Alloc Growth A

£

1.26

-

0.00 0.00

Multi Asset Defensive

£

1.23

-

0.00 0.35

Multi Asset Defensive - Gross

£

1.24

-

0.00 0.35

Multi Asset Growth

£

1.40

-

-0.01 0.34

MultiManager Balanced

£

1.09

-

0.00 0.56

Comgest Asia F Comgest Europe F

(LUX)

$ 4172.22

-

-30.30 0.00

SFr 5882.62

-

-31.43 0.00

40 Dukes Place, London EC3A 7NH Order desk: 0845 6080941 Switchboard 0870 6072555 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds CF Eclectica Agriculture A EUR Acc

€

CF Eclectica Agriculture A GBP Acc

Comgest SA

(FRA)

Comgest Gth Asia Pac ex Jap DIS F $

-

-0.01 0.00

(IRL)

7.97

-

-0.08 0.30

Comgest Gth Emerging Mkt DIS F $ 32.58

-

-0.42 0.28

Comgest Gth Europe DIS F

€ 20.47

-

-0.11 0.00

Comgest Gth GEM PC DIS F

€ 13.18

-

0.04 0.00

Consistent Unit Tst Mgt Co Ltd (1200)F

(UK)

PO BOX 10117, Chelmsford, Essex, CM1 9JB Dealing & Client Services 0845 0264281 Authorised Inv Funds Consistent UT Inc

57.17 57.85 -0.41 4.40

Consistent UT Acc

129.46 131.00 -0.93 4.26

Practical Investment Inc

208.10 212.86 -1.46 3.70

Practical Investment Acc

980.60 1003.02 -6.87 3.60

Coupland Cardiff Funds Plc

(IRL)

31/32 St James's Street, London, SW1A 1HD FCA Recognised CC Asia Alpha Fd - Cls A Euro

€ 12.22 12.22 -0.11 0.00

-

0.00 3.29

1.56

-

0.00 0.00

Multi Asset Open Growth A-Acc £

0.48

-

0.00 0.77

109.94

-

-1.32 0.00

Multi Asset Open Strategic A-Acc £

1.26

-

0.00 1.38

CF Eclectica Agriculture A USD Acc

$

1.65

-

-0.02 0.00

Multi Asset Open Strategic A-Inc £

0.31

-

0.00 2.04

CF Eclectica Agriculture C EUR Acc

€

1.61

-

0.00 0.30

Multi Asset Strategic

£

1.56

-

0.00 0.51

CF Eclectica Agriculture C GBP Acc

€ 21.75

(UK)

0.36

CF Eclectica Agriculture C USD Acc

113.70

-

-1.36 0.36

Open World A-Acc

£

1.23

-

-0.01 0.00

1.70

-

-0.01 0.38

Multi Asset Income A Gross Acc £

1.56

-

-0.01 3.66

Multi Asset Income A Gross Inc

£

1.13

-

0.00 5.18

Multi Asset Income A Net Acc

£

1.48

-

-0.01 3.67

Multi Asset Income A Net Inc

£

1.13

-

0.00 5.18

South East Asia

£

8.51

-

0.02 0.45

Special Situations

£ 29.34

-

-0.24 1.67

$

Edinburgh Partners Limited

(IRL) 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Dealing - Fax only - +353 1 434 5230 FCA Recognised Edinburgh Partners Opportunities Fund PLC European Opportunities I EUR

€

2.77

-

-0.02 2.08

Asset Management

European Opportunities I GBP

£

1.96

-

-0.04 2.25

European Opportunities I USD

$

2.98

-

-0.06 1.82

European Opportunities A EUR

€

2.71

-

-0.03 1.44

Global Opportunities I USD

$

1.69

-

-0.02 1.97

Global Opportunities I GBP

£

1.12

-

-0.02 1.88

Global Opportunities I EUR

€

1.58

-

0.00 1.94

Global Opportunities A GBP

£

1.05

-

-0.02 1.42

Pan European Opportunities I EUR €

1.67

-

-0.02

-

Strategic Bond

£

0.32

-

0.00 3.24

Strategic Bond Gross

£

0.32

-

0.00 3.24

Target 2015

£

0.50

-

0.00 0.27

Target 2015 - Gross

£

0.50

-

0.00 0.30

Target 2020

£

0.58

-

0.00 0.49

Target 2025

£

1.35

-

0.00 0.27

Target 2030

£

1.44

-

-0.01 0.24

UK Select

£

2.38

-

-0.02 1.08

UK Growth

£

3.56

-

-0.02 0.05

UK Smaller Companies

£

1.97

-

-0.02 0.24

WealthBuilder A Acc

£

1.03

-

-0.01 0.61

Fidelity PathFinder Foundation 1 Gross Acc (clean) £

1.10

-

0.00

-

Fidelity PathFinder Foundation 1 Acc (clean) £

1.10

-

0.00

-

Fidelity PathFinder Foundation 2 Acc (clean) £

1.11

-

0.00

-

Fidelity PathFinder

Other International Funds £

(LUX)

8A rue Albert Borschette / L-1246 Luxembourg www.franklintempleton.co.uk UK freephone 0 800 305 306 FCA Recognised Class A Dis Frk Gbl R.Estate (USD) A Dis

$

9.92

-

-0.07 2.21

Frk High Yield

$

6.78

-

-0.04 5.22

Frk Euro Gov. Bond

€ 11.82

-

0.06 1.00

Frk Euro High Yield

€

6.73

-

0.00 4.50

Frk Euro Liquid Reserve

€

4.37

-

0.00 0.00

Frk Euro Short Dur Bond Fd

€ 10.25

-

0.00 0.00

Frk Europ Corp Bond Fd

€ 11.73

-

0.02 1.62

Frk European Total Return

€ 10.61

-

0.04 1.40

Frk Global Aggr.Inv.Grd Bond Fd

$ 10.62

-

0.01 0.00

Frk Global Aggregate Bond Fd

$ 10.05

-

0.01 1.22

Frk Global Income Fd

$ 10.20

-

-0.07 5.32

Frk Income

$ 12.44

-

-0.14 2.99

Frk US Government

$

9.46

-

0.01 2.23

Frk US Liquid Reserve Inc

$

9.67

-

0.00 0.00

Frk US Low Duration Fd

$

9.91

-

Frk US Total Return

$ 11.45

Tem Asian Bond

5.82

-

-0.10 0.00

Guardian

(UK) Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Insurances Guardian Assurance Property Bond

Franklin Templeton Investment Funds

Asset Management

0.00 0.45

-

(UK)

207.80

-0.04 2.22

Asset Management

Capita Asset Services

0.02 0.00

Amity UK Cls B Inc

-

46 St Stephen's Green, Dublin 2, Ireland FCA Recognised

-

0.03 0.24

-

Comgest AM International Ltd

Arisaig Global Emerging Markets Consumer Fund $ 10.29

-

1.37

-0.39 1.81

Arisaig Asia Consumer Fund Limited $ 63.89

2.74

3.69

-0.32 1.38

0.07 2.13

£

Japan

£

-

-

0.00 2.04

Multi Asset Adventurous A-Acc

-

46.88

-

Multi Asset Alloc Adventurous A-Acc £

108.92

UK Government Bond B Inc

1.18

-1.70 1.28

107.56

-0.07 1.09

£

-0.70 3.92

Portfolio IV B Acc

-

Index World P-Acc

-

Portfolio III B Acc

£ 14.63

0.00 1.65

-

-0.04 0.00

MENA A GBP Inc F *

-

217.20

-0.11 0.69

-4.67 4.21

1.45

106.30

-

-

£

Amity International Cls A Inc

-

417.64

Index World A-Acc

Amity Global Equity Inc for Charities A Inc

9.55

UK Equity Income B Inc

-0.02 1.69

-0.0879 0.00

5.01

-0.02 1.21

-

-

Dynamic Emerging Markets A GBP Acc F £

-

1.25

$ 12.7158

Baring Global Mining Fund - Class A GBP Inc £

$ 31.97

£

Gbl RealEstate Sec. IX

-0.01 0.64

Latin America A USD Inc H

Index US P-Acc

£

-

Other International Funds

-0.01 1.28

MoneyBuilder Income -Gross

51.09

-2.02 4.40

-

0.00 2.09

Japan B Acc

-

1.63

-

0.09 0.00

235.37

£

201.60

-

UK Equity & Bond Income B Inc

Index US A-Acc

Amity European Fund Cls B Inc

Baring European Opportunities Fund Class A EUR Acc € 13.09

-0.11 0.00

-0.03 6.03

-0.0751 1.16

Comgest Magellan

-

-

-

-1.80 0.12

£ 15.72

Franklin Emg Mkts Debt Opp USD $ 17.82

-0.02 0.94

$ 10.8602

-1.28 1.27

India Fund - Class A GBP Inc

-0.01 1.15

-

Gbl RealEstate Sec. I

-

Arisaig Partners

-

1.04

0.00 3.29

-

-1.40 1.45

0.86

£

-

-0.41 2.66

-

£

Index UK P-Acc

0.36

-

110.17

Index UK A-Acc

£

94.75

UK Equity B Inc

-0.02 5.96

MoneyBuilder Income

-0.50 0.00

-4.44 0.58

0.00 6.01

-

0.00 1.23

-

-

-

Franklin Emg Mkts Debt Opp SGD S$ 23.04

-

243.77

£ 602.61

Franklin Emg Mkts Debt Opp GBP £ 10.52

0.00 0.53

199.70

European B Acc

Hong Kong China A GBP Inc

0.01 0.02

-

Amity European Fund Cls A Inc

17 square Edouard VII - 75009 Paris, www.comgest.com FCA Recognised

-0.88 2.83

-

1.14

-0.1315 0.00

0.44 3.99

-

1.13

£

-

-

104.62

£

-2.00 1.43

Eclectica Asset Management

3.85 -0.02 0.00

Emerging Mkts NAV

-

-

3.24 0.01 0.00

3.57

-0.02 5.93

208.40

118.60

3.01

$

-

Amity UK Cls A Inc

Amity Sterling Bond Fund B Inc

€

Global Bond USD

Franklin Emg Mkts Debt Opp EUR € 12.67

€ 29.8560

211.22

Total Return B Acc

(UK)

PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Authorised Inv Funds

EU Multi-Strategy Managed

0.00 0.16

Europ.RealEstate Sec. IX

Corporate Bond B Inc

-0.02 6.70

Ecclesiastical Inv Mgt Ltd (1200)F

5.28 -0.02 0.00

-

0.00 2.27

Comgest SA

-

0.07 0.00

5.34 -0.04 0.00

4.90

1.04

-

87.09

6.90

-

Franklin Templeton International Services Sarl (IRL)

4.95

£

0.00 6.22

0.76

-1.11 0.91

High Yield Bond A GBP Hedged Inc H £

€ 136.23

Global Growth I2 Acc

-0.54 0.00

$

UK Multi-Strategy Managed

-

£

-

-1.42

(LUX)

www.dsmsicav.com Regulated

-

Global Multi-Strategy Managed

Franklin Emg Mkts Debt Opp CHFSFr 18.00

-

MoneyBuilder Growth ISA

147.45

-

DSM Capital Partners Funds

(GSY)

Generali International Limited PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 International Insurances

0.00

-0.40 5.38

Balanced B Acc

Arbiter Global Emerging Markets Fund Class B GBP £ 100.61

0.00 0.00

$ 34.40

-

$ 223.84 228.41 -22.13 0.00

-

-

-3.54 0.85

0.26

-

0.27 0.00

Foord International Trust

3.60 0.04

Taurus Emerging Fund Ltd

Genesis Asset Managers LLP

113.10

-

-15.39 0.98

3.50

(GSY)

Regulated

-0.09 0.04

Amity Balanced For Charities A Inc

914.02

-

0.80

-

0.03 0.00

-0.0999 1.12

Asia Pacific B Acc

-

Vietnam Property Fund (VPF) NAV $

-

-

(UK) 1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Authorised Inv Funds

104.49

$

GYS Investment Management Ltd

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Other International Funds Franklin Emerging Market Debt Opportunities Fund Plc

€ 22.6797

Canada Life Investments

851.87

Fleming Fund

-0.07 0.00

European Real Estate Securities

116.45

£ 12.40

Vietnam Growth Fund (VGF) NAV $ 23.15

Asset Management

£ 171.20 171.20 1.42 2.36

North American B Acc

-0.36 0.00

CMI US Bond

5.72

Strategic Return B Acc

-

0.02 2.10

€

-0.22 0.33

Arisaig Latin America Consumer Fund $ 21.32

-

CMI Access 80% Gu F

-0.08 0.45

-0.16 0.00

8.01

CG Portfolio Fund Plc

-

-

£

Capital Gearing Portfolio Fund Plc £ 26624.66 26624.66 30.22 0.62

-

Arisaig Global Emerging Markets Consumer UCITS STG £ 11.33

CMI UK Bond

0.01 0.50

Glb Resources A GBP Inc H

-0.13 0.00

0.31 1.77

-

Glb Emerging Markets A GBP Inc H £ 19.79

-

-

9.81

-1.60 0.00

Arisaig Africa Consumer Fund Limited $ 15.77

€ 48.49

$

-

-

CMI Euro Bond F

CMI US Dllr Currency Reserve

Arbiter Global Emerging Markets Fund Class A USD $ 107.44

FCA Recognised

£

0.00 0.65

-0.71 0.77

-0.01 3.18

-

Index Pacific ex Japan P-Acc

0.00 0.96

-

-

Index Japan P-Acc

-

108.08

1.40

£ 13.28

£

-

Portfolio VII B Acc

£

Global Focus

Index Europe ex UK P-Acc

4.93

-0.10 0.00

Global Dividend - Inc

1.10

€ 24.96

-

-0.01 2.96

£

£

Emerging Opportunities A GBP Inc H £ 19.57

0.00 3.55

-

Index Emerging Markets P-Acc

CMI Stlg Currency Reserve

-0.65 0.98

-

1.55

-

CMI Euro Currency Reserve

-0.65 0.86

0.27

£

£ 25.60

Currency Reserve Sub Funds

-

£

Global Dividend - Acc

Global Special Sits

(IRL) CG Asset Management Limited Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland 00 353 1 434 5098 FCA Recognised

-

Extra Income - Gross

Incorporated in New Zealand, Reg No 5141841 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand www.fftinvestmentfund.com [email protected] Other International Funds Fleming FT Investment Fund

0.01 1.54

-0.03 0.02

110.07

0.00 3.55

0.01 1.28

-

109.73

-

-

2.57

Portfolio VI B Acc

0.27

-

Bond Sub Funds

Portfolio V B Acc

£

1.26

Global Equity

-0.17 6.74

Extra Income

Fleming Financial Trust Investment Fund Limited (NZ)

1.53

232.49 240.28 0.11

-0.50 0.75

0.00 0.36

£

108.06 111.68 0.05 6.06

-

-

£

Property Inc

-

-0.11 1.55

3.71

Global Property W Inc

Property Acc

8.17

-

£

Global Property - Acc

Global Resource B Acc

£ 42.33

£ 16.20

European Opportunities

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Fund information, dealing and administration: [email protected] Other International Funds

Global Infrastructure B Acc

Eastern Europe A GBP Inc

European

Dragon Capital Group

0.04 0.00

Emerging Mkt Debt LC A GBP Hedged Inc £

-49.92 0.34

-0.02 4.82

-0.02 0.00

Baring Emerging Markets Corporate Debt Fund $

-

-0.02 4.64

-

Baring China Bond Fund

0.01 0.00

GAM Star Worldwide Eqty USD Acc F $ 3292.42

-

-

-6.44 0.00

-

-0.01 2.30

-

9.32

-

Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.38

-

Global High Yield Fund - A Net Inc £ 10.43

758.86 761.90 -6.89

-0.41 4.66

-0.23 0.00

1.43

Global High Yield Fund - A Net Acc £ 11.76

Fixed Interest Acc

-

-

-1.34 0.55

0.00 0.87

99.76

GAM Star US All Cap Eqty USD Acc F $ 14.00

-

-0.02 0.20

Global High Yield Bond B Inc

-0.01 6.78

$ 78.28

-

-0.49 2.15

-

CMI US Enhanced Equity F

17 square Edouard VII - 75009 Paris FCA Recognised

Eq. Latin America AU Class - R - USD $ 399.25

The Antares European Fund Limited

-

-0.33 0.00

1.24

Regulated

-

-0.93 4.04

-0.14 0.02

-

Foord Asset Mgt (Guernsey) Ltd

1.48

-

-

GAM Star Technology USD Acc F $ 16.29

-0.02 4.83

2.33

124.26

GAM Star North of South EM Equity Acc F $ 11.48

-0.02 6.63

-0.02 4.57

£

Global Equity Income B Inc

-0.01 0.85

-

-

Global Bond

-6.79 1.63

-

-

Global Network Mgd Global Mxd £

-

-0.10 0.00

Global High Yield Fund - A Gross Inc £ 10.44

136.46 137.00 -1.23 4.03

605.30

-

Global High Yield Fund - A Gross Acc £ 12.12

Fixed Interest Inc

Global Equity B Acc

GAM Star Local EM Rates and FX USD Acc $ 11.33

-0.15 2.06

Managed Sub Funds

-0.40 0.00

0.08 0.00

0.00 0.24

-0.73 0.80

219.76 222.20 -1.96

-1.06 0.92

-

-

3.55

-0.13 0.00

GAM Star Japan Eqty USD Acc F $ 12.59

-

Vietnam Enterprise Inv. (VEIL) NAV $

-

GAM Star Keynes Quant Strat USD Acc F $ 12.69

£ 12.21

Global Equity Acc

-

$ 13.81

¥ 4377.40

-0.99 0.77

-

Asset Management

CMI UK Equity

-

£ 46.53 £ 75.71

DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 112.36 112.36 -1.14 0.00

-

CMI Japan Enhanced Equity F

$ 57.50

£ 124.63

Australia A GBP Inc

DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 118.90 118.90 2.94 0.00

US Eqty Index Tracking

Asia Growth A GBP Inc H

-5.77 0.00

Other International Funds

153.86 155.56 -1.37 4.22

ASEAN Frontiers A GBP Inc

-

Asset Management

Dominion Fund Management Limited

Regional Equity Sub Funds CMI Continental Euro Equity

Dominion Fund Management Limited

(LUX)

23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 FCA Recognised CMI Global Network Fund (u)

Global Equity Inc

-1.26 0.00

Eq. Greater China AU Class - R - USD $ 617.34

-

-0.19 2.81

-0.24 0.00

-0.04 0.00

£

-

-

-

China Consumer

£ 15.72

-

-0.23 0.00

GAM Star Global Conv Bond USD Acc F $ 11.48

Fidelity Asian Dividend Fund A-Income £

UK Eqty Index Tracking

Eq. Emerging World AU Class - R - USD $ 92.05

-

PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port Guernsey - Channel Islands United Kingdom GY1 3PU +44(0)1481 734343 [email protected] www.dominion-funds.com FCA Recognised

-

242.16 244.84 -1.34

Eq. Emerging Europe AE Class - R - EUR € 26.83

-0.08 0.00

GAM Star GAMCO US Equity Acc F $ 13.73

0.42

Ethical Invest Acc

Global Bond B Inc

-

47.93 0.00

0.34 0.87

£ 129.24 129.24 0.21 0.27

-0.45 0.00

GAM Star Flexible Gbl Port GBP Ac £ 12.82

-

0.31 1.89

£ 132.04 132.04 1.31 1.61

-

-

-

Capital Value Fund Cls V

-0.01 0.00

GAM Star European Eqty USD Acc F $ 22.17

Cheyne Multi Strategy Liquid Fund $ 125.09

-

Dollar Fund Cls D

-

Cheyne Malacca Asia Equity Fund Class A $ 1489.30

¥ 803.59

Real Return Cls A

-0.10 0.47

GAM Star Emerg. Market Rates USD Acc F $ 11.44

0.03 0.00

€ 21.05

664.10 701.60 -1.50 1.24

-

-0.24 0.00

Japan Index Tracking

270.75 290.82 2.31 4.55

-0.05 1.46

GAM Star Emerging Asia USD Class ACCU $ 12.80

-

Euro Equity Index Tracking

Property

-0.01 0.00

-

GAM Star Global Selector USD Acc F $ 14.19

195.51 197.67 -1.08 3.71

Local Authorities Property Fd (LAMIT) (UK)

-

GAM Star Dynamic Gbl Bd USD Acc H $ 10.20

-0.67 0.00

11780.88 11911.18 -73.35

-

GAM Star Discretionary FX USD Acc F $ 12.84

-

Investment Acc

-

-0.03 0.00

£ 43.19

-

Ethical Invest Inc

-

-

American Fund GBP Hedged

Index Tracking Sub Funds

Barclays Investment Funds (CI) Ltd

£ 11.06

0.00 0.48

1263.07 1277.05 -7.87 3.64

-

0.01 4.07

GAM Star Defensive GBP Acc

-

Investment Inc

-0.12 0.14

-

1.16

Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts COIF Charity Funds (UK)

-

-

Fidelity Asian Dividend Fund A-Accumulation £

-0.13 0.00

113.46

-0.06 0.00

3.40

GAM Star Cred Opportunities GBP Acc £ 12.81

-1.60

-

Allz RiskMaster Defensive C Acc

GAM Star Cont European Eqty GBP Acc F £

-

-

Single Country Equity Sub Funds

-

-0.26 0.49

$ 212.27

Cheyne Long/Short Credit Fund

Gl Sukuk Fund - Share class B Acc £ 1081.56 1081.56 -0.12 0.00

0.00 0.22

-

-

Gl Sukuk Fund - Share Class A Acc $ 1214.56

-

GAM Star China Equity USD Acc F $ 22.17

GAM Star Global Rates USD Acc F $ 12.68

1.52 0.00

1.00

-0.02

-1.24 0.00

0.32 1.93

$

0.00 0.00

-

-

-

Global Liquidity USD

-

£ 10.64

$ 79.29

-

Regulated

$ 12.43

GAM Star Cautious GBP Acc

American Fund USD Class

525.14

-0.13 0.00

GAM Star Cat Bond USD Acc

-

0.01

170.56

-0.17 0.31

-0.29 0.00

-

Allianz Japan A Acc

-

-

1.10

Allianz Gilt Yield Fund I Inc

-

-0.09

GAM Star Cap.Appr.US Eqty USD Inc F $ 17.97

£

0.07

111.95

-

Asia Pacific Ops W-Acc

-0.02 0.00

120.13

£ 10.57

-3.53 0.00

-

Allz RiskMaster Defensive A Acc

-0.13 0.00

GAM Star Balanced GBP Acc

-

-

Allz RiskMaster Conservative C Acc

-0.09 0.74

-

Cheyne European High Yield Fund € 131.18

$ Income Fund - Share Class W DisA$ 1028.80

(IRL)

(IRL)

-

GAM Star Asian Eqty USD Ord Acc F $ 14.15

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 FCA Recognised

$ Income Fund - Share Class M Acc € 1015.15

Bank of America Cap Mgmt (Ireland) Ltd

Findlay Park Funds Plc

GAM Star Asia-Pacific Eqty USD Acc F $ 12.20

-0.07 0.00

0.31 1.92

0.34 0.00

(IRL) FCA Recognised GAM Fund Management Ltd Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927

-

-0.99 0.00

-0.17 0.00

(UK)

GAM Sterling Management Limited 12 St James's Place London SW1A 1NX. 0800 919 927 Internet: gam.com Authorised Inv Funds GAM Funds OEIC

£ 11.28

-

-

-0.23 0.00

GAM Limited (2300)F

American Special Sits

-

-

-

-2.89 1.10

5.05 0.00

93.85

(UK)

£ 28.55

-3.04 1.09

-

-

165.01

CCLA Fund Managers Ltd

American

-

196.85

Cheyne European Event Driven Fund € 149.03

Allianz Gilt Yield Fund C Inc

-

186.25 186.25 0.00 0.00

OEIC Funds

Cheyne Capital Management (UK) LLP

-

Allz European Eq Inc A Inc

118.54

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund £ 18.92

-51.14 0.00

118.55

-0.05 0.00

$ 18.32

-

Allianz Japan C Acc

-

GBP Accumulating Share Class

-

Allz RiskMaster Conservative A Acc

€ 16.65

USD Accumulating Share Class

UK Equity Inc

Allianz EcoTrends C Acc

EUR Accumulating Share Class

-3.56 0.00

$ 3527.91

-

-0.27 0.00

-

$ 3293.68

BLME Sharia'a Umbrella Fund SICAV SIF Regulated

-

Cheyne Convertibles Absolute Return Fund € 1371.23

(UK)

American Dynamic

(LUX)

$ 15.13

Senator House 85 Queen Victoria Street London EC4V 4ET Authorised Inv Funds The Public Sector Deposit Fund

CCLA Investment Management Ltd

American One

BLME Asset Management

(IRL)

USD Accumulating Share Class

206.78

Fundsmith Equity T Inc

GAM Star Fund Plc

-0.24 0.00

0.31

Fundsmith Equity T Acc

Asset Management GAM Limited

£

-

-0.15 0.00

(UK) PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.fundsmith.co.uk, [email protected] Authorised Inv Funds

-0.04 0.00

-

-

Fundsmith LLP (1200)F

-

£ 18.45

-

-

-

£ 13.55

€ 122.56

-

-0.50

1.35

€

GBP Distributing Share class

€ 110.56

-0.53

-

(LF) Cash Fund €

5313.50 5477.90 87.80 0.00

GBP Accumulating Share Class

AC Risk Parity 7 Fund EUR A

-

£ 45.26

(LF) Balanced - Active Fund (RON)RON 16.20

1429.60 1473.80 23.60 0.00

Alceda Fund Management S.A.

AC Opp - Aremus Fund EUR A

£ 71.42

Global Real Estate-GBP C Class

0.00 3.73

Do Accum

€

Commercial Property-GBP Class

-

Disc Inc

(LF) Absolute Return

Other International

1.34

$ 769.74

1.94 -0.03 6.67

-

3.79

Frontier Capital (Bermuda) Limited

£

CAM GTi Limited

1.94

3.04

£

-1.12 0.65

Sterling Core Plus Bond Inc

USD Accumulating Class

Raffles-Asia Investment Company $

£

South East Asia

-

0.00 0.00

$ 334721.10 334721.10 -633.36 0.00 31.78 0.00

Select Global Equities

Eurobank Fund Management Company (Luxembourg) S.A.

140.36

-

CAM-GTF Limited

-

£

(UK)

1.32

(IRL)

$ 358.43

-

(LUX)

Discretionary Unit Fund Mngrs (1000)F

Cedar Rock Capital Limited

-

Regulated

0.00 0.00

Cedar Rock Capital Fd Plc

-

0.16 0.00

-3.30 0.57

Cedar Rock Capital Fd Plc

114.21

-

-

-0.05 0.51

111.14

Smaller Cos Cls Four Shares (Est) € 15.15

-

-

FP CAF Fixed Interest A class Acc

0.12

195.00

111.51

FP CAF Alternative Strategies A Class Inc

0.24 0.00

-

152.50

100.20 100.20 -1.20 3.24

-0.37 14.00

DAVIS Funds SICAV

-

Smaller Cos Cls Three Shares (Est) € 11.78

Cavendish Japan Fund A Class

CAF UK Equitrack Acc Fd

-

kr 459.40 459.50 -1.10 0.00

Dantrust II Limited

Smaller Cos Cls Two Shares (Est) € 23.39

Cavendish North American Fund B Class

FP CAF Alternative Strategies A Class Acc

Ashmore SICAV Emerging Market Debt Fund $ 95.89

(GSY)

Regulated

-

-

€ 143.29

Dantrust Management (Guernsey) Ltd

+/- Yield

3.94

€ 338.83

0.39 0.00

Offer

£

BlueBay HgYieldCp B-EUR

-

Bid

America

BlueBay HgYield B-EUR

Smaller Cos Cls One Shares (Est) € 33.16

Fund

£ 23.49 24.47 0.00

-

Choices Wth-Pfts Lg-tm

317.30 334.00 0.00

-

Choices Wth-Pfts St-tm

269.20 283.40 0.00

-

Choices Managed

629.83 662.98 -2.37

-

Choices Equity

710.55 747.95 -7.68

-

Freedom With Pfts Long-Tm

218.10 229.50 0.10

-

Freedom With Pfts Short-Tm

196.30 206.60 0.00

-

Freedom Managed

Asset Management 364.44 383.62 -1.05

-

Freedom Equity

410.99 432.62 -3.55

-

Corp Pens Mananged

222.34 222.34 -0.84

-

Corp Pens Equity

231.98 231.98 -2.50

-

Corp Pens Fixed Interest

297.24 297.24 2.38

-

Corp Pens Index Linked

335.67 335.67 -0.39

-

Corp Pens Deposit

190.34 190.34 0.00

-

349.77 349.77 2.25

-

Corp Pens Protector Corp Pens UK Index Tracker

£

2.00

2.00 -0.02

-

Managed Acc

£ 18.34 19.30 -0.06

-

Equity Acc

£ 33.43 35.19 -0.29

-

0.00 0.50

Fixed Interest Acc

£ 17.07 17.97 0.12

-

-

0.01 1.50

International Acc

£ 13.49 14.20 -0.03

-

$ 13.27

-

-0.11 3.01

Nth American Acc

£

6.94

7.30 0.05

-

Tem Asian Growth

$ 32.20

-

-0.44 0.28

Pacific Acc

£

4.19

4.41 -0.01

-

Tem Emerging Markets

$ 31.77

-

-0.55 0.26

European Acc

£

3.38

3.56 -0.03

-

Tem Emg Mkts Balanced AQdis

$

7.60

-

-0.11 2.82

Property Acc

£

6.78

7.13 0.00

-

Tem Emg Mkts Bd

$ 16.68

-

-0.10 6.73

Index-Linked Acc

£

6.38

6.71 0.00

-

Tem Global

$ 34.07

-

-0.64 0.45

Deposit Accum

£

4.45

4.69 0.00

-

Tem Global (Euro)

€ 19.86

-

-0.14 0.35

Guardian Pensions Management Ltd

Guardian Linked Life Assurance Ltd

Tem Global Balanced

$ 22.65

-

-0.31 0.61

Pens. Managed Acc.

£ 23.79 25.04 -0.09

-

Tem Global Bond

$ 20.69

-

-0.08 2.26

Pens. Equity Acc.

£ 35.79 37.67 -0.38

-

Tem Global Bond (Euro)

€ 10.40

-

0.01 2.89

Tem Global Equity Income A(Mdis) $

9.81

-

-0.18 3.82

HPB Assurance Ltd

Tem Global High Yield Fd F

$

9.33

-

-0.04 4.84

Tem Global Income

$ 14.20

-

-0.17 1.58

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 International Insurances

Tem Global Smaller Cos

$ 33.41

-

-0.51 0.00

Tem Global Total Return

$ 17.55

-

-0.10 3.51

Tem Latin America

$ 46.16

-

-0.74 0.85

Frk Biotech Discovery

$ 35.81

-

0.06 0.00

Frk Brazil Opportunities Fd

$ 10.15

-

-0.02 0.00

Class A Acc

Holiday Property Bond Ser 1

£

0.51

-

-0.01 0.00

Holiday Property Bond Ser 2

£

0.60

-

-0.01 0.00

Asian Market Leaders - USD

$ 26.63

-

-0.23 0.00

Asian Market Leaders - GBP

£ 13.80

-

-0.11 0.00

Greater China - USD

$ 10.93

-

-0.03 0.00

Greater China - GBP

£

-

-0.01 0.00

Selected Asian P'folio

$ 50.43 50.44 -0.41 0.00

Asset Management Hamon Investment Group Other International Funds

Frk Euro S-Term Money Mkt Fd

€ 1012.19

-

0.00 0.00

Frk Euroland Fund

€ 20.25

-

-0.17 0.00

Frk European Growth

€ 15.87

-

-0.11 0.00

Frk European Sml Mid Cap Gth

€ 35.54

-

-0.01 0.00

Frk Gbl Equity Strategies Fd

$ 11.22

-

-0.21 0.00

Frk Gbl Fundamental Strat Fd

$ 13.01

-

-0.17 0.00

Frk Global Conver.Securities

$ 11.70

-

-0.13 0.00

Frk Global Growth

$ 14.31

-

-0.24 0.00

Frk Global Gth & Val

$ 24.74

-

-0.45 0.00

Unit Trust

Frk Global Sml Mid Cap Gth

$ 29.24

-

-0.29 0.00

Multi-Manager Spec Sits Tst

4.58

Hargreaves Lansdown Fd Mgrs (1100)F

(UK) PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Enquiries 0117 90090000 Authorised Inv Funds Hargreaves Lansdown Funds 265.91 279.90 -1.03 0.21

★

30

FINANCIAL TIMES

Thursday 12 March 2015

MANAGED FUNDS SERVICE Fund

Bid

Offer

+/- Yield

Fund

Bid

HL Multi-Manager Income & Growth Trust (Accumulation units)

165.21 173.82 -1.00 3.66

Global Equity Income Inc

HL Multi-Manager Income & Growth Trust (Income units)

102.04 107.36 -0.62 3.66

Gbl Financial Capital Acc

F

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

-

-0.87 3.23

Invesco Global Structured Equity A $ 46.38

-

-0.18 0.88

US Select Inc

112.10xd

-

-2.10 0.00

87.94

-

-0.09 4.24

Invesco Global Total Ret.(EUR) Bond Fund A € 13.59

-

0.02 0.00

US Smaller Cos Acc

395.80

-

-5.00 0.00

M & G (Guernsey) Ltd

US Smaller Cos Inc

103.70

-

-1.30 0.00

Regulated The M&G Offshore Fund Range

Multi-Manager Bal Mgd Tst

184.10 193.62 -0.81 0.87

Gbl Financial Capital Inc

76.94

-

-0.08 4.37

Invesco Gold & Precious Metals A $

4.23

-

-0.08 0.00

110.20 115.80 -0.34 2.21

Gbl Financial Cap Acc Gross

91.33

-

-0.09 4.73

Invesco Greater China Equity A

$ 45.68

-

-0.29 0.00

HL Multi-Manager Equity & Bond Trust (Accumulation units)

146.91 154.37 -0.45 2.21

Gbl Financial Cap Inc Gross

77.28

-

-0.08 4.91

Invesco India Equity A

$ 55.00

-

-0.24 0.00

JPMorgan Asset Management (Europe) S.à. r.l. (FRA)

Multi-Manager Strategic Bond Trust A Acc

169.35 174.58 0.19 1.76

Global Opportunities Acc

97.11

-

-1.01 0.47

Invesco Japanese Equity Adv Fd A ¥ 3810.00

-

3.00 0.00

Multi-Manager Strategic Bond Trust A Inc

142.73 147.14 0.15 1.76

Global Smaller Cos Acc

F

1696.82

-

-15.93 0.00

Invesco Japanese Value Eq Fd A ¥ 1213.00

-

2.00 0.00

6 route de Trèves L - 2633 Senningerberg - Luxembourg FCA Recognised Star Capitol America

HL Multi Manager European

98.92 101.95 -0.90 0.00

Global Smaller Cos Inc

F

1623.17

-

-15.24 0.00

Invesco Latin American Equity A $

6.96

-

-0.05 0.00

Star Capitol America D

HL Multi Manager UK Growth

102.05 105.20 -0.53 0.00

56.28

-

-0.30 0.29

Invesco Nippon Small/Mid Cap Equity A ¥ 1020.00

-

2.00 0.00

www.loim.com Regulated Lombard Odier Funds Absolute Ret Bond (EUR) PA

€ 12.19

-

0.03 0.00

Absolute Ret Bond (USD) PA

$ 17.87

-

0.05 0.00

All Roads (CHF) PA

SFr 18.02

-

-0.03 0.00

All Roads (USD) PA

$ 11.40

-

-0.02 0.00

All Roads (GBP) PA

£ 11.62

-

-0.02 0.00

All Roads (EUR) PA

€ 11.57

-

-0.02 0.00

Alpha Japan (EUR) PA F

€ 11.36

-

Alpha Japan (CHF) PA F

SFr 14.26

Global Targeted Rets Acc

€ 2776.72

-

Lombard Odier Funds (Europe) S.A

-11.31 0.00

High Income Acc

F

803.26

-

-8.07 3.43

Invesco Pan European Equity A EUR Cap NAV € 20.76

-

0.18 0.00

JPMorgan Charity Funds

Haussmann

High Income Inc

F

451.15

-

-4.53 3.52

Invesco Pan European High Income Fd A € 14.53

-

0.03 1.91

Other International Funds

High Yield Fund Acc

109.19

-

-0.06 4.53

Invesco Pan European Small Cap Equity A € 21.48

-

0.04 0.00

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Property & Other UK Unit Trusts

High Yield Fund Acc (Gross)

126.50

-

-0.06 4.50

Invesco Pan European Structured Equity A € 17.54

-

0.11 0.00

High Yield Fund Inc

44.59

-

-0.02 4.64

Invesco UK Eqty Income A

High Yield Fund Inc (Gross)

44.65

-

-0.03 4.64

Invesco UK Investment Grade Bond A £

464.41

-

-3.49 0.74

Haussmann Cls A

$ 2808.44

-

59.45 0.00

Haussmann Cls C

€ 2463.18

-

52.45 0.00

Haussmann Cls D

SFr 1313.29

-

27.15 0.00

F

Hong Kong & China Acc

Heartwood Wealth Management Limited

(IRL)

Regulated Heartwood Caut Multi Asset B Acc

142.09

-

-0.37 0.00

Income & Growth Acc

F

946.85

-

Income & Growth Inc

F

Henderson Global Investors

(UK) PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 www.henderson.com Authorised Inv Funds Asia Pacific Capital Growth A Acc

785.50

Asian Dividend Income Inc

-

-3.00 0.82

95.44 100.72 -0.34 5.77

Cautious Managed A Acc

240.70

-

-1.40 3.15

Cautious Managed A Inc

152.40

-

-0.90 3.21

China Opportunities A Acc

861.70

-

-4.40 0.38

Emerging Markets Opportunities A Acc

151.90

-

-0.70 0.41

European Growth A Acc

166.60

-

-0.10 0.79

European Selected Opportunities A Acc

1269.00

-

0.00 0.49

European Special Situations A Acc

89.26

-

-0.19 1.10

Fixed Interest Monthly Income A Inc

22.53 23.63 -0.01 5.93

Global Care Growth A Inc

206.40

-

-2.00 0.11

Global Equity Income A Inc

50.36

-

-0.51 3.75

Global Growth Fund

2035.88 2128.29 -23.09 0.00

Global Technology A Acc

935.80

-

-15.30 0.00

Multi-Manager Absolute Return A Acc

137.40

-

-0.40 0.00

Multi-Manager Active A Acc

177.70

-

-1.00 0.00

Multi-Manager Distribution A Inc

131.90

-

-0.50 3.04

Multi-Manager Diversified A Acc

79.04

-

-0.19 2.60

Multi-Manager Global Select Acc

185.30

-

-0.90 0.00

Multi-Manager Income & Growth A Acc

154.70

-

-0.60 1.98

Multi-Manager Income & Growth A Inc

144.40

-

-0.60 2.00

Multi-Manager Managed A Acc

231.70

-

-1.40 0.43

Multi-Manager Managed A Inc

227.50

-

-1.30 0.42

Sterling Bond Acc

199.87 208.84 0.35 2.90

Sterling Bond Inc

63.00 65.82 0.11 2.95

Strategic Bond A Inc

131.10

-

0.10 5.68

UK & Irish Smaller Companies A Acc

523.20

-

-2.80 0.05

UK Absolute Return A Acc

145.20

-

-0.10 0.00

UK Alpha A Acc

110.10

-

-1.10 1.00

UK Equity Income & Growth A Inc

620.60

-

-4.20 3.34

UK Index A Acc

504.30

-

-6.30 1.93

UK Property A Acc

193.08 203.24 0.05 4.04 97.68 102.81 0.03 4.16

UK Property A Inc UK Tracker A Acc

229.00

-

-2.90 1.38

US Growth A Acc

788.80

-

-13.10 0.00

(IRL) Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 FCA Recognised

0.00 2.79

Invesco US Structured Equity A

$ 21.65

-

-0.30 0.00

-11.86 3.61

Invesco US Value Eq Fd A

$ 32.58

-

-0.60 0.00

11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 FCA Recognised

Invesco USD Reserve A

$ 87.02

-

0.00 0.00

Europe Convertible Bd A (Dis) - D - EUR F € 13.95

-

-0.02 0.93

Alpha Japan (JPY) PA F

Europe Convertible Bd B (Cap)

€ 16.03

-

-0.03 0.00

Alpha Japan (USD) PA F

Global Convertible A (Dis) F

$ 19.46

-

-0.08 0.00

Global Convertible B (Cap) F

$ 23.11

-

-0.10 0.00

Global Convertible A Hdg GBP(Dis) F £ 13.27

-

-0.03 0.00

Global Convertible B Hdg GBP (Cap) F £ 15.61

-

-0.02 0.00

Commodities (CHF) PA

SFr

Global Convertible Hdg A (Cap) F $ 19.63

-

-0.04 0.00

Commodities (EUR) PA

€

-5.26 3.71 -30.44 3.24

Income Inc

F

1782.80

-

-17.43 3.32

Invesco Global Asset Management Ltd

Japan Acc

F

310.21

-

-1.73 0.31

66.19

-

0.08 0.00

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 FCA Recognised

Latin America Acc

F

120.88

-

-0.85 1.23

Latin America Inc

F

101.67

-

-0.71 1.24

Managed Growth Acc

F

163.47

-

-1.73 0.79

Managed Growth Inc

F

136.91

-

-1.45 0.79

Managed Income Acc

F

160.83

-

-1.41 3.09

Managed Income Inc

F

100.25

-

-0.88 3.16

90.09

-

0.00 0.26

95.18

-

0.00 0.26

F

Money Acc (Gross)

F

Monthly Income Plus Acc

F

Monthly Income Plus Acc (Gross) Monthly Income Plus Inc

F

F

Monthly Income Plus Inc (Gross) Pacific Acc Pacific Inc

F

F F

Tactical Bond Acc

F F

Tactical Bond Inc

Tactical Bond Acc (Gross)

F

Tactical Bond Inc (Gross)

F

301.68

-

-0.48 4.74

352.30

-

-0.55 4.72

114.21

-

-0.18 4.85

114.36

-

-0.18 4.85

1023.99

-

-5.38 0.36

940.52

-

-4.94 0.36

70.21

-

0.05 1.75

61.26

-

0.04 1.77

72.73

-

0.05 1.75

61.33

-

0.04 1.77

UK Aggressive Acc

F

206.62

-

-3.87 1.71

UK Aggressive Inc

F

172.08

-

-3.21 1.74

UK Smaller Cos Equity Inc

F

UK Strategic Income Acc

F F

UK Strategic Income Inc US Equity Acc

F

600.70

-

-4.53 0.59

181.04

-

-2.05 3.41

137.87

-

-1.56 3.50

555.58

-

-11.77 0.00

Invesco Perpetual Funds (No Trail)

8.32

-

-0.12 1.29

Invest AD - Emerging Africa Fund $ 1164.84

-

-1.85 0.00

Invest AD - GCC Focus Fund

$ 1744.33

-

0.24 0.00

Asian Equity Income (No Trail) Inc

113.59

-

-0.81 4.07

Balanced Risk 6 No Trail Acc

108.79

-

-0.05 0.20

Balanced Risk 8 No Trail Acc

112.45

-

-0.09 0.44

Balanced Risk 10 No Trail Acc Corporate Bond (No Trail) Acc

F F

116.27

-

-0.13 0.66

164.94

-

0.19 3.91

120.45

-

0.14 4.00

Distribution (No Trail) Acc

F

169.86

-

-0.61 4.09

Distribution (No Trail) Inc

F

115.60

-

-0.42 4.17

-

-1.15 1.00

Emerging Countries (No Trail) Acc

F

166.98

Emerging Countries (No Trail) Inc

F

157.38

Asset Management -

-1.08 1.01

Emerging European (No Trail) Acc

F

69.32

-

-1.24 3.58

Emerging European (No Trail) Inc

F

63.19

-

-1.13 3.68

European Equity (No Trail) Acc

F

147.43

-

-0.45 2.73

Hermes Global High Yield Bond Fund Class F Acc £

1.07

1.07 -0.02 0.00

European Opportunities (No Trail) Inc

F

156.15

-

-1.29 0.73

Hermes Global High Yield Bond Fund Class R Acc €

2.88

2.88 -0.02 0.00

European Smaller Companies (No Trail) Acc

F

210.18

-

-1.15 0.51

Hermes Multi Asset Inflation Fund Class F GBP Acc £

1.00

1.00 0.00

-

Global Balanced Index (No Trail) Acc

F

156.04

-

-1.47 1.75

Hermes Multi Strategy Credit Fund Class F Acc Hed £

1.03

1.03 0.00

-

Global Bond (No Trail) Acc

137.33

-

-0.11 1.32

Hermes Sourcecap EU Alpha Fund Class F Acc £

1.27

1.27 -0.01 0.00

Global Bond (No Trail) Inc

Hermes Sourcecap EU Alpha Fund Class F Dis £

1.25

1.25 -0.01 1.78

Hermes Sourcecap EU Alpha Fund Class R Acc €

3.22

Hermes Sourcecap EX UK Fund Class F Acc £

60.50

-

-1.05 0.00

America Eq Fd A - Net Inc

60.49

-

-1.06 0.00

Asia Acc

127.20xd

-

-0.30 0.30

Asia Inc

70.57xd

-

-0.17 0.29

Cautious Managed Rt Acc

68.03xd

-

0.22 0.16

Cautious Managed Rt Inc

59.87xd

-

0.19 0.16

Diversified Real Ret Acc

52.81xd

-

0.03 1.05

Diversified Real Ret Inc

51.55xd

-

0.03 1.04

Emerging Mkts Acc Emerging Mkts Inc

155.00xd 66.66xd

-

-1.00 0.67 -0.41 0.67

Emrg Mkts Inc Acc... C

55.79xd

-

-0.53 3.96

Emrg Mkts Inc Inc... C

50.75xd

-

-0.48 4.05

Europe Acc

1045.00xd

-

-2.00 1.31

Europe Inc

60.21xd

-

-0.13 1.33

Eur Dynamic exUK Acc

Asset Management

159.50xd

-

-0.90 0.61

Eur Dynamic exUK £ hdg Acc

188.70xd

-

1.20 0.50

Eur Dynamic exUK Inc

73.39xd

-

-0.39 0.60

F

F

125.58

-

-0.10 1.33

Glbl Distribution Acc (No Trail)

107.75

-

-0.21

-

3.22 0.03 0.00

Glbl Distribution Inc (No Trail)

104.99

-

-0.20

-

1.32

1.32 0.00 0.00

Global Equity (No Trail) acc

F

212.99

-

-1.98 0.98

Hermes Sourcecap EX UK Fund Class R Acc €

3.24

3.24 0.04 0.00

Global Equity (No Trail) inc

F

199.33

-

-1.85 0.99

Hermes UK Small & Mid Cap Fund Class F Acc £

1.53

1.53 -0.01 0.00

Global Equity Income (No Trail ) Acc

F

250.12

-

-2.14 3.14

Hermes UK Small & Mid Cap Fund Class R Acc €

4.80

4.80 0.05 0.00

Global Equity Income (No Trail) Inc

F

208.49

-

-1.79 3.21

Hermes US SMID Equity Fund Class F Acc £

1.60

1.60 -0.03 0.00

Global ex UK Core Equity Index ( No Trail) Acc F

173.28

-

-1.96 1.28

Hermes US SMID Equity Fund Class R Acc €

3.57

3.57 -0.01 0.00

Global ex UK Enhanced Index ( No Trail) Acc F

201.85

-

-2.52 1.70

Gbl Fin Cap No Trail Acc

178.61

-

-0.18 4.22

Gbl Fin Cap No Trail Inc

156.30

-

-0.15 4.35

Global Opportunities (No Trail) Acc

F

249.04

-

-2.60 0.97

Global Smaller Companies (No Trail) Acc

F

247.06

-

-2.32 0.39

Global Smaller Companies (No Trail) Inc

F

237.64

-

-2.23 0.39

Global Targeted Rets (No Trail) Acc

113.41

-

-0.60 0.82

High Income (No Trail) Acc

F

171.18

-

-1.72 3.41

F

128.14

-

-1.29 3.50

Env Mkts (Ire) Stl A

£

2.24

-

-0.03 0.00

High Income (No Trail) Inc

Env Mkts (Ire) Euro A

€

2.17

-

0.01 0.00

Hong Kong & China (No Trail) Acc

F

183.55

-

-1.38 1.25

Env Mkts (Ire) USD A

$

1.77

-

-0.02 0.00

Income & Growth (No Trail) Acc

F

222.15

-

-2.78 3.60

Income & Growth (No Trail) Inc

F

179.85

-

-2.26 3.69

INDIA VALUE INVESTMENTS LIMITED (INVIL)

Income (No Trail) Acc

F

170.50

-

-1.66 3.23

www.invil.mu Other International Funds

Income (No Trail) Inc

F

128.53

-

-1.25 3.31

Japan (No Trail) Acc

F

146.90

-

-0.81 0.79

Japanese Smaller Companies (No Trail) Acc F

168.03

-

0.19 0.00

Latin American (No Trail) Acc

F

116.48

-

-0.82 1.88

Latin American (No Trail) Inc

F

106.38

-

-0.75 1.90

Managed Growth (No Trail) Acc

F

197.62

-

-2.09 1.23

Managed Growth (No Trail) Inc

F

183.65

-

-1.95 1.24

Managed Income (No Trail) Acc

F

192.23

-

-1.68 3.09

Managed Income (No Trail) Inc

F

160.70

-

-1.40 3.15

Monthly Income Plus (No Trail) Acc

F

173.41

-

-0.27 4.73

Monthly Income Plus (No Trail) Inc

F

112.18

-

-0.18 4.83

Pacific (No Trail) Acc

F

189.32

-

-0.99 0.82

Pacific (No Trail) Inc

F

179.69

-

-0.94 0.90

Tactical Bond (No Trail) Acc

F

143.30

-

0.10 2.22

Tactical Bond (No Trail) Inc

F

122.76

-

0.08 2.25

UK Aggressive (No Trail) Acc

F

169.42

-

-3.16 2.23

UK Aggressive (No Trail) Inc

F

142.55

-

-2.66 2.28

UK Enhanced Index (No Trail) Acc

F

401.70

-

-5.10 3.20

UK Enhanced Index (No Trail) Inc

F

258.68

-

-3.28 3.28

UK Growth (No Trail) Acc

F

149.14

-

-2.01 2.25

UK Growth (No Trail) Inc

F

122.04

-

-1.64 2.30

UK Smaller Companies Equity (No Trail) Acc

F

252.73

-

-1.91 1.09

UK Smaller Companies Equity (No Trail) Inc

F

235.87

-

-1.77 1.10

UK Strategic Income (No Trail) Acc

F

716.68

-

-8.12 3.40

UK Strategic Income (No Trail) Inc

F

545.83

-

-6.18 3.48

230.58

-

-4.88 0.04

F

US Equity (No Trail) Acc

Eur Smaller Cos Acc

433.10

-

-0.10 0.00

Eur Smaller Cos Inc

56.33

-

-0.01 0.00

Fusion Balanced Acc

-

-0.27 0.00

Fusion Balanced Inc

55.69

-

-0.28 0.00

Fusion Conservative Acc

55.07

-

-0.22 0.00

Fusion Conservative Inc

55.05

-

-0.21 0.00

Fusion Growth Acc

57.24

-

-0.39 0.00

Fusion Growth Inc

57.24

-

-0.38 0.00

Fusion Growth + Acc

58.99

-

-0.42 0.00

Fusion Growth + Inc

58.99

-

-0.43 0.00

Fusion Income Acc...C

54.51

-

-0.18 2.43

Fusion Income Inc...C

52.71

-

-0.18 2.47

Global Allocation A-Net Acc

54.99

-

-0.07 0.64

Global Allocation A-Net Inc

54.64

-

-0.07 0.64

Global Bond exUK Acc

253.20xd

-

1.10 0.69

Global Bond Opport. A - Net Acc

50.51xd

-

-0.01

Global Bond Opport. A - Net Inc

50.45xd

-

-0.01

Global Consumer Trends Acc

94.46xd

-

-1.04 0.39

Global Consumer Trends Inc

89.66xd

-

-0.99 0.36

Junior Gold C Acc

24.52

-

-0.81 0.00

Global Convertible A Hdg CHF (Dis) FSFr 23.31

-

-0.03 0.00

Convertible Bd Asia PA F

€ 14.46

-

-0.02 0.00

Em.Mk.Debt Fd.Yen 1

¥ 11596.00

-

2.00 0.00

MFM Artorius Fund

138.88

-

-2.77 0.20

Global Convertible B Hdg CHF (Cap) FSFr 25.71

-

-0.04 0.00

Convertible Bd Asia PA F

$ 14.54

-

-0.02 0.00

Em.Mk.Debt Fd.Yen 2

¥ 16930.00

-

3.00 0.00

MFM Bowland

141.98 153.49 -0.68 0.00

SFr 12.66

-

-0.12 0.00

Em.Mk.Debt Fund Yen 3

¥ 11625.00

-

2.00 0.00

MFM Hathaway Inc

104.34 109.26 -0.05 1.41 126.16

-

-0.56 0.15

(UK) Natixis International Funds Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Authorised Funds

Emerg. Consumer (CHF) PA

Swiss & Global Asset Management

(LUX)

[email protected], www.jbfundnet.com Regulated

-

0.00

-

0.00 4.51

-1.93 0.00

MFM UK Primary Opportunities A Inc

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

8.17

-

-0.01 0.00

Em.Mk.Loc.Ccy Debt Fd.FC

¥ 8782.00

-

-125.00 6.28

Slater Investments Ltd - Investment Adviser

9.00

-

0.02 0.00

Em.Mk.Loc.Ccy Debt Fd.FD

¥ 10707.00

-

-151.00 5.90

€ 12.11

-

0.03 0.00

Em.Mk.Loc.Ccy Debt Fd II

$ 87.24

-

-1.21 0.00

€ 286.47

-

-2.38 0.00

SFr

Emerg.Loc.Cur.Bd.Fdt PA

-3.47 0.00

-

-5.27 0.00

$

MFM Slater Growth

366.46 388.82 -3.21 0.12

Loomis Sayles Strategic Income H-N/D (GBP) £

0.98

-

MFM Slater Income A Inc

154.48

-1.15 3.69

Loomis Sayles Strategic Income H-N/A (GBP) £

1.05

-

0.00 4.66

MFM Slater Recovery

159.38 169.10 0.62 0.11

Loomis Sayles US Equity Leaders N/A (GBP) £

1.38

-

-0.01 0.28

Loomis Sayles US Equity Leaders I/A (GBP) £

1.36

-

-0.01 0.48

-

Marlborough International Management Limited (GSY)

JB BF Abs Ret EM-USD B

$ 117.86

-

-0.20 0.00

JB BF Abs Ret-EUR B

€ 130.80

-

-0.53 0.00

Euro BBB-BB Fdt PA

£ 11.20

-

0.01 0.00

Gb.Conc.Eq.Fd.US

$ 194.14

-

-4.15 0.00

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 FCA Recognised

JB BF Abs Ret Pl-EUR B

€ 129.22

-

-0.84 0.00

Euro BBB-BB Fdt PA

$ 18.02

-

0.01 0.00

Gb.Eq.Hdg Fd.Euro IRE T

€ 187.49

-

-2.28 0.00

Marlborough North American Fund Ltd £ 31.27 31.58 0.11 0.00 Marlborough Tiger Fund Ltd F

-1.35 0.00

Euro Resp.Corp. Fdt PA

€ 18.78

-

0.02 0.00

Gb.Eq.Fd.Sterling UK T

£ 211.02

-

-3.82 0.00

-2.12 0.00

Europe High Conviction PA

€ 11.69

-

-0.07 0.00

Gb.Eq.Fd.US Dollar

$ 315.10

-

-5.99 0.00

£ 208.96

-

-3.79 0.00

Class A (Retail)

Gl Aggregate High Conv PA

$ 19.00

-

0.00 0.00

Low Volatility Gb.Eq.Fd.

€ 105.48

-

-0.06

-

Emerging Mkts

204.30

-

-1.20 0.27

€ 10.99

-

0.07 0.00

Low Volatility Gb.Eq.Fd.

£ 100.60

-

-1.28

-

European Equity Income A acc

347.00

-

-1.10 3.52

Low Volatility Gb.Eq.Fd.

$ 99.70

-

-1.35

-

Global Alpha

136.90

-

-1.40 0.36

Global Equity Income Inc

107.00

-

-0.90 3.91

Global Equity Income acc

135.50

-

-1.20 3.82

Japan Alpha

106.40

-

0.10 0.05

United Kingdom Equity Index Fund £ 13.09

-

-0.31 2.88

North American

259.80

-

-4.40 0.00

UK Specialist Equity Inc

£ 19.96

-

-0.24 1.51

European Equity Income A Inc

313.20

-

-1.00 3.60

Contl Europe Spec Equity

£ 16.75

-

-0.19 0.61

US Spec Equity Fund

£ 14.34

-

-0.19 0.16

Japan Specialist Fund

£ 10.03

-

-0.03 0.53

Pacific Basin Specialist Equity Fund £ 24.09

-

-0.13 1.18

¥ 17400.00

-

-38.00 0.00

€ 236.17

-

-1.27 0.00

Gbl.Gvt.Fdmt.(CHF) PA

SFr 23.59

-

0.16 0.00

JB Ms EF Special Val. EUR/A

€ 150.17

-

-1.14 0.72

Gbl.Gvt.Fdt.SH (CHF) PA

SFr 27.20

-

0.10 0.00

SFr 157.20

-

-0.71 0.00

Gbl.5B Fdmt (EUR) PA

€ 12.28

-

0.11 0.00

JB Strategy Balanced-EUR

€ 162.20

-

-0.75 0.00

Gbl.5B Fdmt (CHF) PA

SFr 10.75

-

0.09 0.00

JB Strategy Balanced-USD/B

$ 133.78

-

-1.08 0.00

Gbl.5B Fdmt SH (USD) PA

$ 11.21

-

0.02 0.00

SFr 98.05

-

-0.75 0.00

Generation Global (CHF) PA F

SFr 13.54

-

-0.04 0.00

€ 122.97

-

-0.92 0.00

Generation Global (EUR) PA F

€ 20.85

-

-0.05 0.00

SFr 124.18

-

-0.15 0.00

Generation Global (USD) PA F

$ 15.21

-

-0.23 0.00

JB Strategy Inc-EUR/B

€ 166.06

-

-0.24 0.00

Global Energy (USD) PA F

JB Strategy Inc-USD/B

$ 150.05

-

-0.69 0.00

Golden Age (CHF) PA F

Asset Management Kames Capital ICVC

(UK)

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds

$ 20.86

-

-0.38 0.00

-

-0.26 0.00

Ethical Corporate Bond A Inc

112.60

-

0.27 3.02

Wld Gold Expertise PA

€

8.61

-

-0.21 0.00

Ethical Equity A Acc

169.51

-

-1.42 1.03

Wld Gold Expertise PA

$ 11.31

-

-0.26 0.00

117.14

-

-0.33 4.21

LO Selection Balanced (CHF) PA F

SFr 110.36

-

-0.16 0.00

Balanced (EUR) PA F

€ 129.62

-

Conservative (CHF) PA F

SFr 105.94

Conservative (EUR) PA F

Inflation Linked A Acc

54.65

-

-0.15 4.21

134.01

-

0.34 2.15

Investment Grade Bond A Acc

160.71

-

0.30 3.03

Investment Grade Bond A Inc

119.15

-

0.23 3.03

Sterling Corporate Bond A Acc

70.21

-

0.10 2.85

Sterling Corporate Bond A Inc Strategic Bond A Acc

31.72

-

0.05 2.85

184.08

-

0.03 2.65

Strategic Bond A Inc

123.28

-

0.02 2.65

UK Equity Absolute Return A Acc

118.57

-

0.07 0.00

UK Equity A Acc

229.51

-

-2.38 1.14

UK Equity Income A Acc

202.37

-

-2.03 3.82

UK Equity Income A Inc

162.22

-

-1.63 3.92

UK Opportunities A Acc

166.90

-

-1.68 0.99

UK Smaller Companies A Acc

244.87

-

-2.65 0.27

Kames Capital Investment Portfolios ICVC (UK)

111.96

Property Income B Inc

107.79

-

-0.14 -0.13

Kames Capital VCIC

-

(IRL)

68.10xd

-

-0.27 3.73

Global Eq Income £ hdg Inc ... C

50.11xd

-

-0.20 3.79

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 FCA Recognised

Global Eq Income Acc... C

71.54xd

-

-0.54 3.62

Absolute Return Bond B GBP Acc

1078.25

-

-0.15

-

Global Eq Income Inc ... C

63.63xd

-

-0.48 3.71

Eq Market Neutral B Acc

1012.03

-

0.71

-

Global Equity Acc

996.00xd

-

-14.00 0.15

Eq Market Neutral Plus B Acc

1024.24

-

1.48

-

Global Equity Inc

74.02xd

-

-1.01 0.14

High Yield Global Bond A GBP Inc

548.11

-

-1.29 3.92

Global Financials Acc

738.90xd

-

-11.10 0.79

High Yield Global Bond B GBP Inc

1138.95

-

-2.67 4.44

Glbl Distribution Inc (Gross)

52.30

-

-0.10 4.73

Invesco Global Inv Grd Corp Bond A Dist $ 11.93

-

0.02 3.05

484.14

-

-4.51 0.48

Invesco Global Leisure A

$ 36.26

-

-0.62 0.00

441.58

-

-4.12 0.48

Invesco Global Smaller Comp Eq Fd A $ 54.73

-

-0.41 0.00

121.32

-

-1.04 3.15

$ 10.01

-

-0.12 0.00

-

0.04 0.00

Latin American Equity Fd A1

$ 13.86

-

-0.20 0.00

€ 116.93

-

0.01 0.00

Limited Maturity A1

$ 14.05

-

0.01 0.00

£ 10.07

-

-0.04 0.00

Prudent Wealth Fd A1

$ 14.22

-

-0.12 0.00

SFr 115.66

-

-0.33 0.00

Research Bond A1

$ 16.73

-

0.02 0.00

Growth (EUR) PA F

€ 141.22

-

-0.48 0.00

UK Equity A1

£

8.13

-

-0.19 0.00

Mirabaud Asset Management

Vantage 1500 (EUR) MA

€ 10.43

-

0.00 0.00

US Conc.Growth A1

$ 15.37

-

-0.30 0.00

Vantage 3000 (EUR) MA

€ 10.70

-

-0.01 0.00

US Government Bond A1

$ 17.06

-

0.03 0.00

www.mirabaud.com, [email protected] Regulated

Value A1

$ 21.87

-

-0.42 0.00

PrivilEdge Inc.Pt.RMB Dt.CNH PA

CNY 99.97

-

-0.01

-

Inc.Pt.RMB Dt.SH CHF PA

SFr

9.86

-

-0.01

-

MMIP Investment Management Limited

Inc.Pt.RMB Dt.SH EUR PA

€

9.89

-

0.00

-

Inc.Pt.RMB Dt.USD PA

$

9.93

-

0.00

-

Regulated Multi-Manager Investment Programmes PCC Limited

Jenn. US Eq.Opp. USD PA

$

9.93

-

-0.15

-

Neubrg.Berman US Core PA

$ 14.44

-

-0.27 0.00

Sands US Growth PA

€ 14.04

-

-0.23 0.00

Sands US Growth PA

$ 17.00

-

-0.27 0.00

Will.Blair Gbl. Ldrs PA

€ 16.46

-

-0.01 0.00

Will.Blair Gbl. Ldrs PA

$ 13.15

-

-0.18 0.00

Lothbury Property Trust (UK) 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Property & Other UK Unit Trusts Lothbury Property Trust GBP

£ 1667.73 1789.53 12.75 3.25

(GSY)

European Equity Fd Cl A Initial Ser € 2373.13 2382.65 164.45 0.00

7.63 0.00

Diversified Absolute Return Stlg Cell AF2 £ 1641.34

-

8.74 0.00

Manek Investment Mgmt Ltd (1000)F

(UK)

Growth Fd Acc

57.96 61.42 -0.46 0.00

(LUX)

0.00 1.10

Multi-Asset Macro Acc

63.29xd

-

0.55 0.00

HC KB Capital Growth B Inc

159.26

-

0.00 1.07

Multi-Asset Macro Inc

63.29xd

-

0.56 0.00

HC KB Capital Growth C Acc

171.88

-

0.00 2.01

Multi-Manager Growth Acc

719.80xd

-

-0.20 0.47

HC KB Capital Growth C Inc

159.94

-

0.00 2.00

Multi-Manager Growth Inc

671.80xd

-

-0.10 0.47

HC KB Enterprise Equity Income A Inc

113.18

-

-0.88 3.78

UK Strategic Gth Acc

108.70xd

-

-0.90 1.21

UK Strategic Gth Inc

101.40xd

-

-0.90 1.23

-

-7.22 3.98

M&G Episode Growth X Inc

52.39xd

-

-0.12 1.90

M&G Episode Income A Acc

144.25xd

-

-0.03 3.32

M&G Episode Income A Inc

123.20xd

-

-0.03 3.39

M&G Extra Income A Inc

749.59xd

-

-6.63 4.25

M&G Extra Income A Acc

5967.11xd

-

-52.80 4.14

M&G Global Basics A Inc

663.86

-

-8.39 0.27

M&G Global Basics A Acc

1002.18

-

-12.66 0.28

M&G Global Dividend Fund A Acc

200.97

-

-3.29 3.19

M&G Global Dividend Fund A Inc

162.57

-

-2.67 3.26

M&G Glbl Emrgng Mkts A Acc

206.99xd

-

-2.06 0.72

M&G Glbl Emrgng Mkts A Inc

200.22xd

-

-1.99 0.73

M&G Global Macro Bond Fund A Acc

109.21xd

-

-0.35 0.51

M&G Global Macro Bond Fund A Inc

75.94xd

-

-0.25 0.51

M&G Global High Yield Bond X Inc

50.97xd

-

-0.56 4.43

M&G Global High Yield Bond X Acc

117.52xd

-

-1.29 4.42

80.08

-

-0.81 0.61

146.67

-

-0.11 2.18

Asset Management

£ 1.2220xd

-

0.0050 2.05

M&G Managed Growth X Inc M&G Optimal Income A Inc M&G Optimal Income A Acc

190.69

-

-0.15 2.18

M&G Recovery GBP A Inc

123.76

-

-1.13 0.96

M&G Recovery GBP A Acc

276.91

-

-2.52 0.96

M&G Strategic Corp Bond A Inc

74.89xd

-

0.04 2.85

M&G Strategic Corp Bond A Acc M&G Global Leaders GBP A Inc M&G Global Leaders GBP A Acc

106.32xd 196.25xd 457.81xd

-

0.05 2.83 -2.23 1.38 -5.20 1.36

M&G UK Inflation Lnkd Corp Bnd A Acc

113.41

-

-0.24 0.05

M&G UK Inflation Lnkd Corp Bnd A Inc

111.78

-

-0.24 0.05

Lloyds Money Fund Limited £ 52.5440

Sterling Class

-

0.0000 0.21

M & G Securities Ltd

(UK)

Conservative Strategy

£ 1.1340

-

0.0020 2.30

Charibond

127.38

-

0.14 5.10

Growth Strategy

£ 1.5280

-

-0.0130 1.64

(Accum Units)

3626.58

-

4.00 5.10

Aggressive Strategy

£ 1.8500

-

-0.0300 0.00

NAACIF

77.61

-

-0.82 4.41

$ 1.4170

-

-0.0220 0.00

-

-70.94 4.28

Global USD Growth Strategy

Dealing Daily

-

$ 1.0189

-

-0.0077 0.00

Asian Small Cap Equity Fund Class AA F $ 2.2529

-

-0.0199 0.00

Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.1282

-

-0.0762

China Value Fund Class A F

$ 8.6097

-

China Value Fund Class AA F

$ 2.6986

-

Dragon Growth Fund Class A F

$ 1.9605

-

-0.0157 0.61

Dragon Growth Fund Class AA HKDHK$ 9.5065

-

Emerging Eastern Europe Fund Class AA F $ 1.3096

-

(Accum Units)

6720.08

M&G Property Portfolio A Acc

126.51 133.16 0.01 3.92

US Acc

723.70xd

-

-12.80 0.00

Property Portfolio A

118.54 124.77 0.01 4.00

US Inc

100.20xd

-

-1.70 0.00

Property Portfolio X

118.54 118.54 0.01 4.00

$ 95.68

-

-0.26 3.08

Asia Pac Bd USD Ord Inc

$ 97.67

-

-0.27 2.37

Asia Pac Eq EUR Ord Inc

€ 99.85

-

-0.95 2.82

Asia Pac Eq GBP Ord Inc

£ 102.91

-

-0.92 3.20

Asia Pac Eq USD Ord Inc

$ 103.81

-

-0.91 2.62

Asia Pac Eq USD Inst Acc

$ 107.57

-

-0.95 0.00

Asia Pac Eq USD Inst Inc

$ 115.92

-

-1.01 3.24

Dyn Europ Eq EUR Ord Inc

€ 173.69

-

-0.96 1.13

Dyn Europ Eq GBP Ord Inc

£ 184.92

-

-0.99 1.69

Dyn Europ Eq USD Ord Inc

$ 173.99

-

-0.27 0.00

-0.90 1.16

China Equity EUR Ord Acc

€ 145.29

-

Mir. Conv. Bds Glb A USD

$ 116.02

-

-0.32 0.00

-1.72 0.00

China Equity GBP Ord Acc

£ 149.67

-

-1.68 0.00

China Equity USD Ord Acc

$ 147.67

-

Mir. - Eq Asia ex Jap A

$ 185.84

-

-0.77 0.00

Mir. - Eq Glb Emrg Mkt A USD

$ 101.82

-

-0.33 0.00

-1.64 0.00

China Equity USD Inst Acc

$ 150.84

-

-1.67 0.00

Global Val.Cr.Fd GBP Ord Inc

£ 114.99

-

Mir. - Eq Global A USD

$ 129.17

-

-1.86 0.00

Mir. -Eq Spain A

€ 27.81

-

-0.25 0.00

-0.21 3.77

Global Val.Cr.Fd USD Inst Acc

$ 124.86

-

-0.21 0.00

Global Val.Cr.Fd GBP Ord Acc

£ 180.08

-

Mir. - Glb Strat. Bd A USD

-

-0.31 0.00

Global Val.Cr.Fd USD Ord Acc

$ 169.44

-

-0.29 0.00

Global Val.Cr.Fd EUR Ord Acc

€ 158.48

-

-0.29 0.00

Swiss Select Equity Inst Acc

SFr 113.91

-

-0.33

-

Swiss Select Equity Ord Acc

SFr 113.18

-

-0.33

-

US Growth USD Ord Acc

$ 204.31

-

-3.56 0.00

US Growth EUR Ord Acc

€ 195.43

-

-3.61 0.00

US Growth GBP Ord Acc

£ 204.44

-

-3.60 0.00

US Growth USD Inst Acc

$ 187.65

-

-3.26 0.00

Wealthy Nat Bd EUR Inst Inc

€ 110.65

-

Montello Real Estate Opportunity Fund

(LUX)

-0.06 3.91

Wealthy Nat Bd GBP Inst Inc

£ 114.18

-

101 New Cavendish Street,London W1W 6XH Regulated

-0.08 3.78

Wealthy Nat Bd EUR Ord Inc

€ 109.92

-

-0.08 3.62

Wealthy Nat Bd GBP Ord Inc

£ 114.79

-

-

6.58 0.00

-0.08 3.53

Wealthy Nat Bd USD Ord Inc

$ 111.95

-

-0.07 3.49

Morant Wright Management Ltd

(CYM)

Regulated MW Japan Fd Ltd A

$ 24.45

-

0.27 0.00

MW Japan Fd Ltd B

$ 24.74

-

0.26 0.00

Morant Wright Funds (Ireland) PLC

(IRL)

FCA Recognised

All Weather Fd USD Cls

$ 119.86

-

0.43 0.00

All Weather Fd EUR Cls

€ 108.11

-

0.36 0.00

All Weather Fd GBP Cls

£ 116.29

-

0.45 0.00

Tactical Opps USD Cls

$ 174.33

-

-3.92 0.00

Tactical Opps EUR Cls

€ 146.50

-

-3.50 0.00

Tactical Opps GBP Cls

£ 164.60

-

-3.90 0.00

Morant Wright Fuji Yield CHF Acc HedgedSFr 11.20

-

-0.02

-

-0.0609 0.68

Morant Wright Fuji Yield EUR Acc Hedged € 10.99

-

-0.02

-

-0.0191 0.47

Morant Wright Fuji Yield GBP Acc Hedged £ 11.20

-

-0.02

-

Morant Wright Fuji Yield USD Acc Hedged $ 10.91

-

-0.02

-

-0.0715 0.58

Morant Wright Fuji Yield USD Dist Hedged $ 11.17

-

-0.02

-

-

-0.0177 0.48

Morant Wright Fuji Yield YEN Acc ¥ 1119.64

-

-1.75

-

Emerging Eastern Europe Fund Class A F $ 3.0482

-

-0.0411 0.86

Morant Wright Fuji Yield YEN Dist ¥ 1119.64

-

-1.75

-

European Growth Fund Class A F $ 10.5408

-

-0.0962 1.17

Morant Wright Sakura Fund Sterling Acc Hedged £ 13.28

-

-0.02 0.00

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Other International Funds

European Growth Fund Class AA F $ 0.7631

-

-0.0070 0.57

Morant Wright Sakura Fund Euro Acc Hedged € 13.27

-

-0.02 0.00

Northwest $ class

$ 2371.98

-

89.02 0.00

Global Contrarian Fund Class AA F $ 0.9318

-

-0.0083 0.00

Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1350.45

-

-2.32 0.00

Northwest Warrant $ class

$ 1975.81

-

-40.99 0.00

Global Property Fund Class AA F $ 1.0148

-

-0.0001 0.74

Morant Wright Sakura Fund Dollar Acc Hedged $ 13.24

-

-0.03 0.00

Global Resources Fund Class AA F $ 0.7754

-

-0.0120 0.00

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.25

-

-0.02 0.00

Greater China Opportunities Class AA $ 1.0101

-

-0.0075

Healthcare Fund Class AA F

$ 1.9107

-

-0.0069 0.00

India Equity Fund Class AA F

$ 1.4920

-

-0.0096 0.00

International Growth Fund Class A F $ 4.6327

-

-0.0194 0.13

International Growth Fund Class AA F $ 1.0644

-

-0.0044 0.00

Japanese Growth Fund Class A F $ 3.2708

-

-0.0133 0.62

Japanese Growth Fund Class AA F $ 0.8418

-

-0.0034 0.00

Latin America Equity Fund Class AA F $ 0.8357

-

-0.0008 1.42

Russia Equity Fund Class AA F

$ 0.3962

-

-0.0051 0.00

(LUX) 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 www.morganstanleyinvestmentfunds.com FCA Recognised

Taiwan Equity Fund Class AA F

$ 1.5797

-

-0.0102 0.21

US Advantage A F

$ 56.00

-

-0.24 0.00

Regulated Oasis Global Investment (Ireland) Plc

Turkey Equity Fund Class AA F

$ 0.7728

-

-0.0021 0.00

Asian Equity A F

$ 44.44

-

0.01 0.00

Oasis Global Equity

US Bond Fund Class AA F

$ 1.2149

-

-0.0003 3.90

Asian Property A F

$ 19.01

-

0.11 0.00

Oasis Crescent Global Investment Fund (Ireland) plc

U.S. Bond Fund Class AA Inc F

$ 1.0031

-

-0.0002

-

Asian Property AX F

£ 11.78

-

0.16 0.54

Oasis Crescent Global Equity Fund $ 27.97

-

-0.43 0.00

US Bond Fund Class AA (HKD)

HK$ 9.9848

-

0.0016

-

Diversified Alpha Plus A F

€ 33.53

-

0.02 0.00

OasisCresGl Income Class A

$ 11.01

-

-0.01 2.45

U.S. Bond Fund Class AA (HKD) IncHK$ 9.9489

-

0.0022

-

Emerg Europ, Mid-East & Africa Eq A F € 68.58

-

0.35 0.00

OasisCresGl LowBal D ($) Dist

$ 11.96

-

-0.11 0.00

U.S. Special Opportunities Fund Class AA F $ 0.9183

-

-0.0020 7.04

Emerging Markets Debt A F

$ 76.28

-

-0.56 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 12.11

-

-0.14 0.04

U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5056

-

-0.0160

-

Emerging Markets Domestic Debt AX F £ 11.90

-

0.01 5.31

Oasis Crescent Gbl Property Eqty $

-

-0.09 1.54

U.S. Special Opportunities Fund Class AA Inc $ 0.9238

-

-0.0020

-

Emerging Markets Equity A F

$ 36.28

-

-0.12 0.00

US Small Cap Equity Fund Class AA F $ 1.1261

-

-0.0019 0.00

Euro Bond A F

€ 16.13

-

0.02 0.00

US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2859

-

0.0024 0.06

Euro Corporate Bond AX F

£ 21.89

-

-0.21 1.92

Euro Strategic Bond A F

Asset Management

Asset Management

Asset Manageme Northwest Investment Management (HK) Ltd

-

Property & Other UK Unit Trusts

Lloyds Multi Strategy Fund Limited

Asia Pac Bd USD Inst Inc

New Capital Alternative Strategies

-

606.67

-

Montello Real Estate Opportunity Fund II £ 1093.42

164.85

M&G Dividend A Acc

€ 136.55

P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Authorised Inv Funds

HC KB Capital Growth B Acc

-0.74 4.12

Mir. Conv. Bds Eur A EUR

-0.11 0.00

-

-0.27 3.72

-

(LUX)

-

£ 2239.41 2261.31 68.80 0.00

-

62.46

Distribution Units

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised New Capital UCITS Funds

Asset Management

$ 107.46

UK Equity Fd Cl A Series 01

Diversified Absolute Rtn Fd USD Cl AF2 $ 1623.21

66.83xd

0.04 3.04

M&G Dividend A Inc

1372.00 1372.00 -14.00 2.67

-1.15 0.00

Multi-Asset Inc Inc... C

0.06 3.04

The Equity Idx Tracker Fd Inc

-

$ 2375.15 2394.62 0.36 0.00

-1.18 1.38

-

Property & Other UK Unit Trusts

Mir. - Glb Eq High Income A USD $ 103.63

Pacific Basin Fd Cl A Initial Ser

-

-

40.39

Ministry of Justice Common Investment Funds (UK)

-0.28

160.55

63.13

M&G Corporate Bond A Inc

0.96 0.00

-2.69 0.00

HC KB Capital Growth A Inc

M&G Corporate Bond A Acc

-

-

-0.36 3.64

-225.65 4.39

$ 115.14

-

-

-

-17.00 4.52

-

MEMO - MEMV Series

1.05

$ 110.83

86.57xd

-

19535.82

10.33 0.00

SFr 308.54

Multi-Asset Inc Acc... C

1472.05

Charifund Acc

-

Mir. - Glb High Yield Bds A

-1.23 1.36

Charifund Inc

-

$ 494.68

Mir. - Eq Swiss Sm/Mid A

31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg www.manulife.com.hk FCA Recognised

(UK) PO Box 9039, Chelmsford, CM99 2XG www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Authorised Inv Funds

$ 224.46

MEMO - Master Series

MMIP - US EQUITY CLASS A 01 June 07 Series $ 1301.57 1305.41 -39.28 0.00

Manulife Global Fund

M & G Securities (1200)F

MGS -Master Series

Japanese Equity Fd Cl A Initial Ser ¥ 317994.00 319065.00 2542.00 0.00

-

-1.20 3.45

-0.01 2.30

Japan Equity A1

168.83

-

-0.50 0.00

-0.23 0.00

HC KB Capital Growth A Acc

99.60xd

-

0.03 0.00

-0.27 3.72

UK Strategic Eq Inc Inc ... C

-

-

-

-1.80 3.37

9.49

$ 14.11

66.67xd

-

Invesco Global Inc Real Estate Sec A dist $

Inflation-Adjusted Bond A1

Multi-Asset Inc A Mth Net Inc

149.10xd

Invesco Global Equity Income Fund A $ 59.70

-0.06 0.00

0.12 0.00

UK Strategic Eq Inc Acc ... C

-0.10 4.73

-

-

-0.35 0.00

-0.10 4.71

€ 18.44

67.20xd

0.0050 2.05

New Capital Fund Management Ltd

-0.48 0.00

Japan Inc

-

Other International Funds

-0.12 0.00

14 St. George Street, Mayfair, London W1S1FE Dealing and enquiries: 0800 024 2400 Authorised Inv Funds Unit Trust Manager/ACD - Host Capital

-1.90 0.00

-

Other International Funds

Meridian Fund Managers Ltd

Asset Management

-

-

-

Metage Capital

0.50 0.00

-

54.03

0.09 0.00

-0.04

66.34

52.29

-

-

341.60

Glbl Distribution Inc

€ 17.40

-

UK Smaller Cos Inc

Glbl Distribution Acc (Gross)

Global High Yield Fund

279.20xd

UK Smaller Cos Acc

0.00 1.12

-0.08 0.00

48.70xd

Monthly Share

0.00 0.00

-

Japan Acc

-0.69 2.13

-

$ 25.48

Income Fd A - Net Inc

-0.81 2.10

-

-

Global High Yield Fund

Kleinwort Benson Bank

-

5.51

-6.31

-

-

$

-

-0.04

57.29xd

Invesco Global Bond A Inc

-

Global Energy & Resources Fund $ 45.62

-

67.15xd

Invesco Global Absolute Return Fund A Class € 11.66

-5.55

-0.30 0.00

50.54xd

UK Managed Equity Inc

-0.11 4.71

-

-

Income Fd A - Net Acc

UK Managed Equity Acc

-0.07 1.08

$ 199.29

€ 27.38

Asian Equity Fund Class AA F

Lloyds Gilt Fund Quarterly Share £ 1.2720

-

Global Gold & Resources Fund

Global Equity A1

0.09 1.94

-6.30 4.10

-

-0.90 0.00

-

-

53.66

-

639.42

524.50xd

80.91

$ 45.95

Strategic Global Bond B GBP Inc

UK Higher Inc Inc ... C

0.13 0.00

Global Equity A1

0.03 0.71

Lloyds Gilt Fund Limited

-

-0.33 0.00

0.04 0.70

-10.60 3.98

Invesco European Growth Equity A € 24.64

-0.02 0.00

-

-

-

-0.10 1.08

-

$ 13.66

-

881.20xd

-

$ 10.55

Global Energy Fund A1

51.39xd

UK Higher Inc Acc ... C

122.37

Global Credit Fund

59.29xd

-0.1080 1.50

0.04 0.00

-0.80 0.00

Global Property Secs Inc

-

-

-

Global Property Secs Acc

£ 7.0700

7.38

-23.20 1.75

$ 36.50

-0.0240 0.39

UK

€

-

Global Conc.A1

-

-0.72 1.10

Invesco European Bond A

3542.80xd

-0.21 0.00

$ 3.1641

-

-0.07 1.08

Smaller Companies Fund Personal Class Units

-

Asian Equity Fund Class A F

63.67xd

-

The initial charge you will pay will depend on the amount you invest **Address and Telephone number for series 1 only

€ 36.13

0.16 1.46

UK Focus Inc

81.00

-11.50 2.12

European Value A1

-

0.0060 3.50

F

-12.90 2.82

-

1127.32

-

Global Bd Inc (Gross)

-

1816.60

-0.27 0.00

Strategic Global Bond A GBP Inc

£ 1.5180

0.00 0.00

2435.00

Emerging Markets Fund Personal Class Units

-

-0.15 7.02

Sterling Bond

-

Income Fund Personal Class Units

European Smaller Companies A1 € 48.52

-

-0.84 1.12

€ 322.89

-0.10 0.66

39.40xd

-

Invesco Euro Reserve A

-

Global High Yield Bond Inc ... C

74.38xd

0.09 0.00

£ 12.07

-0.0526

UK Focus Acc

-

Global Emerg Mkts Equity Fund

-

-0.3000 0.04

Invesco Euro Inflation Linked Bond A € 16.24

-22.10 1.82

American Growth Fund Class AA (HKD) FHK$ 10.2704

-0.0570 1.00

-0.11 1.08

-

-0.27 0.00

-

-

-0.94 0.00

3976.10

-

-9.15

-

-

0.20 0.70

Balanced Fund Personal Class Units

€ 32.46

-

Growth (CHF) PA F

-0.02 3.10

-

European Res.A1

Asset Management

-0.10 3.39

-

-0.21 0.00

-

Global Allocation (GBP) PA F

-

£ 12.22

-0.14 0.00

-

Global Total Return A1

0.10 2.47

UK Specialist Equity Income Fund £ 10.78

Inflation Lkd Sov Bd Fund

-

€ 31.60

Global Res.A1

-

Global Spec Inv Grade Bd Fund GBP £ 10.35

€ 18.24

European Core Eq A1

Global Multi-Asset A1

Asset Management Managemen £ 11.06

Easter Alderston, Haddington, EH41 3SF 01620 825867 Authorised Inv Funds

European Concentrated A1

-

0.0500 2.54

(UK)

UK Sovereign Bd Index Fund

McInroy & Wood Portfolios Limited

1116.18

-

30.60 0.00

-0.21 0.00

Kames Global Equity Income B GBP Inc

£ 12.2600

-

-0.13 0.00

-0.40 6.93

(UK)

£ 496.20

(CYM)

Series 2 (Investment Management customers only)

-

-

£ 16.1900

-

-

100.30xd

£ 4.3740

130.01

$ 11.37

Global High Yield Bond Acc ... C

North American

171.72

$ 33.19

Marwyn Asset Management Limited

Asset Management

Emerging Markets Eq.A1

-0.0090 0.00

International

F

Emerging Markets Debt A1

-0.1585 0.00

-0.61 3.33

Global Bd Acc (Gross)

Marwyn Value Investors

-

-1.00 3.23

0.02 0.00

-0.15 0.00

-

-

-

-

American Growth Fund Class A F $ 28.7906

-

Invesco Euro Corporate Bond Fund (A) € 17.73

$ 12.17

American Growth Fund Class AA F $ 1.6368

83.74xd

-0.66 0.18

Emer Mkts Debt Lo Curr Fd A1

-

140.00xd

-

Regulated

0.81 2.51

UK Eq & Bond Inc Inc ... C

78.86

-0.10 0.00

-9.37

UK Eq & Bond Inc Acc ... C

-0.40 0.00

-0.18 0.00

-

-

0.0030 4.95

-

-

-

-

$ 21.50

9.80

€ 17.94

1145.12

£ 0.8994xd

Invesco Energy A

$

Continental European Eqty A1

571.36

High Income

-0.64 0.18

China Equity Fd A1

Kames Global Equity Income B GBP Acc

-1.10 1.39

-

0.02 0.00

Investment Grade Global Bd A GBP Inc

-

77.01

-0.39 0.00

-

-0.15 7.02

128.10xd

-0.06 0.00

-

$ 10.54

-0.63 0.78

UK Dynamic Inc

-0.03 6.13

$ 24.65

Bond A1

-

-0.0510 0.96

-

Asia ex-Japan A1

-

-

-

0.15 0.00

39.28xd

£ 7.8620

7.77

-

42.05xd

European

Invesco Emerging Mkt Quant.Eq. A $ 10.50

€ 20.92

Global Financials Inc

-1.40 1.38

Invesco Emerging Local Currencies Debt A Inc $

Absolute Return A1

Global High Yield Bond A Mth Net Inc

-

-0.14 3.40

Regulated

$ 16.03

-

Global Eq Income £ hdg Acc... C

MFS Meridian Funds SICAV

(LUX)

$ 26.17

Asset Management

High Yield Bond A Acc

155.20xd

-

0.07 0.00

SFr 10.85

UK Dynamic Acc

60.14

0.07 0.00

-

Wld Gold Expertise PAF

0.0020 2.60

F

-

€ 10.67

Technology PA

-

European High Income Inc

SFr 10.42

0.47 3.02

€ 1.7320

-0.13 0.00

Tactical Alpha (CHF) PA

-0.54 1.49

Euro High Income

-

0.01 0.00

-

-0.61 3.00

7.80

0.02 0.00

-

-

-

Invesco Emerging Europe Equity Fund A $

-

SFr 13.80

195.89

52.94xd

-0.20 3.35

SFr 23.97

Sw.Fr.Credit Bd(For) PA

135.64

UK Active Index + E Inc

-

Sw.Fr.Bd(For) PA

Ethical Corporate Bond A Acc

Lloyds Investment Funds Limited

80.87

0.00 0.00

Ethical Cautious Managed A Inc

-3.20 2.91

F

0.00 0.00

-

-0.25 0.00

-

European High Income Acc

-

$ 10.30

-

280.80xd

0.01 0.00

£ 10.25

Sh.T- Money Mkt USD PA

€ 13.75

UK Active Index + E Acc

-

Sh.T- Money Mkt GBP PA

Technology PA

-0.01 3.33

Invesco Capital Shield 90 (EUR) A € 12.18

0.00 0.00

-0.65 1.47

-

-0.18 3.22

-

-

58.59xd

-0.24 3.15

SFr 129.30

162.23

Strategic Bond Inc

-

Sh.T- Money Mkt CHF PA

Ethical Cautious Managed A Acc

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Other International Funds

-

0.00 0.00

0.10 0.00

-0.01 3.31

57.42

-0.24 0.00

-

-

-

73.23

-

€ 112.40

$ 15.30

69.57xd

F

$ 20.80

Sh.T- Money Mkt EUR PA

Tactical Alpha (USD) PA

Strategic Bond Acc

F

Golden Age (USD) PA F

-0.14 4.78

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 FCA Recognised Invesco Management SA

European Equity Income Inc

-0.18 0.00

-

-0.25 4.18

European Equity Income Acc

-

106.92

-

-0.01 0.00

€ 14.95

Diversified Income B Inc

66.41

-

-0.27 0.00

-0.15 4.65

Lloyds Investment Fund Managers Limited (1000)F (JER)

Invesco Balanced Risk Allocation Fund A € 15.33

-0.22 0.00

-

0.11 2.56

-0.68 0.00

-

112.42

-

-

$

Diversified Income B Acc

53.29xd

Invesco Asia Opportunities Equity A $ 105.08

8.34

SFr 22.12

Tactical Alpha (EUR) PA

Sterling Corporate Bond Inc

-0.09 1.51

-0.11 0.48

-3.60 0.00

Invesco

-

-

-

-0.46 4.08

$ 13.18

£ 12.52

€ 203.30

-

Invesco Asia Infrastructure (A)

0.19 0.70

Global Emerg Mkts Equity Fund

-0.60 0.06

126.35

-0.56 3.00

-

-0.50 1.01

-

0.18 2.55

-

-0.02 3.10

£ 12.10

-

113.90

-

31.28

-

Inflation Lkd Sov Bd Fund

120.00

China

83.95xd

F

Global Spec Inv Grade Bd Fund GBP £ 10.23

Asia Pacific

-263.00 0.00

Sterling Corporate Bond Acc

Emerging European Inc

-0.10 3.43

-2.21 0.00

-

-0.41 4.10

-0.11 0.18

-

-

¥ 14079.00

-

-0.07 3.39

0.11 2.47

UK Specialist Equity Income Fund £ 10.08

$ 118.12

Gb.Val.Ex-Japan Fd.Yen

111.09

-

-

Gb.Val.Ex-Jap.Fd.USD

-

0.58 3.44

-

-0.13 0.59

£ 10.92

-

0.03

-

$ 15.60

-

UK Sovereign Bd Index Fund

0.03

-

112.76

Invesco Asia Balanced A dist

Pacific Basin Specialist Equity Fund £ 24.27

-

HC KB Enterprise Fixed Income A Inc

Invesco Asia Consumer Demand Fund A income $ 13.61

-0.03 0.00

$ 10.59

-2.00 0.98

-0.59 2.93

-

€ 10.59

-

-1.61 0.50

9.50

Fdmt.Eq.L/S SH Sd USD PA

201.00

-

£

Fdmt.Eq.L/S SH Sd EUR PA

Portfolio Acc

-

-0.18 0.00

Japan Specialist Fund

-0.11 0.00

0.10 3.76

33.44

-

-0.23 0.00

-

232.57

£ 13.83

-

91.08

F

-0.18 0.00

US Spec Equity Fund

-

F

F

-

€ 119.21

Corporate Bond Inc

Emerging European Acc

£ 16.05

€ 99.01

0.21 3.67

Emerging Countries Inc

-0.23 0.34

Contl Europe Spec Equity

-0.26 0.00

JB EF Japan-JPY B

Lloydstrust Gilt

-

-

-

0.00 0.00

-0.31 2.53

£ 19.75

€ 49.78

185.59

-

-

UK Specialist Equity Inc

Eurozone Small&Mid Caps PA

F

2.95

United Kingdom Equity Index Fund £ 13.08

-3.55 0.00

JB EF Luxury B-EUR B

High Yield Bond A Inc

(UK)

PO Box 23873, Edinburgh EH7 5WJ** Enquiries: 0800 085 5588 Authorised Inv Funds Series 1(Minimum initial investment 16375,000)

-

Gbl.Gvt.Fdmt PA

JB Strategy Inc-CHF/B

£ 26.64 26.91 0.08 0.00

NatWest (2230)F

Gb.Eq.Fund Sterling

Corporate Bond Acc

F

1.10

-

-

0.65 3.44

F

-

Harris Associates Global Concentrated Equity Fund I/A(GBP) £

$ 100.65

£ 257.51

-1.11 0.81

Global Equity Income Acc

-0.01

Em.Mk.Eq.Fd.US Dollar

£ 169.78

-

Global Equity (inc)

-

-0.12 0.00

Gb.Conc.Eq.Fd.Sterling

-

F

1.09

-0.04 0.00

-

Gb.Conc.Eq.Fd.Sterl.UK T

124.70

Global Equity (acc)

0.00 1.92

Harris Associates Global Concentrated Equity Fund N/A (GBP) £

-

6.86

0.00 0.00

127.16

F

-

-3.14 1.34

9.17

$

0.01 0.00

HC KB Enterprise Fixed Income A Acc

Glbl Distribution Acc

1.33

-

€

Emerg. Eq. Risk Par.(USD) PA

-

HC KB Endeavour Multi Asset Balanced A Inc

Global Bond Inc

H2O MultiReturns Fund I/A (GBP) £

318.05

Emerg.Eq. Risk Par.(EUR) PA

€ 12.72

-0.44 2.57

F

-2.89 0.00

Euro BBB-BB Fdt PA

-1.90 2.60

Global Bond Acc

-

-0.09 0.00

-

F

H2O MultiReturns Fund N/A (GBP) $ 12.74 12.74 -0.04 1.69

370.34

-

-

European Smlr Cos Acc

-1.06 0.09

MFM Techinvest Technology Acc

-

33.09xd

F

-

-1.88 0.00

9.01

139.20xd

European Opportunities Acc

106.84

-

SFr 16.09

New Europe Inc

F

MFM Techinvest Special Situations Acc

£ 102.74

Em.Mk.Eq.Fund Sterling

Euro BBB-BB Fdt PA

New Europe Acc

European Opportunities Inc

-0.76 0.00

Emerg.Loc.Cur.Bd.Fdt PA

Asset Management

-2.14 2.27

3.00 0.00

-

-0.30 0.00

0.10 3.76

-2.54 2.22

-

€ 123.08

-0.01 0.00

-

-

¥ 16930.00

Em.Mk.Eq.Fund Euro

-

91.36

-

Em.Mk.Debt Fund Yen 4

-0.12 0.00

-

F

708.85

-0.12 0.00

-

€ 111.85

Corporate Bd Inc (Gross)

837.85

-

$ 12.73

€ 105.52

-

9.54 -0.05 12.70

€ 12.74

JB BF Abs Ret Def-EUR B

$ 405.45

9.54

Loomis Sayles Multisector Income R/D (GBP) £ 13.96 13.96 -0.05 4.26

Emerg. Consumer (USD) PA

JB BF ABS-EUR B

-

Loomis Sayles High Income R/D (USD) $

Emerg. Consumer (EUR) PA

Gb.Conc.Eq.Fd.Euro

€ 335.26

Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.93 13.93 -0.02 0.99

MFM SGWM Managed A Acc

Emerg.Loc.Cur.Bd.Fdt PA

-1.16 0.81

Invesco Active Multi-Sector Credit Fund A €

Natixis International Funds (Dublin) I plc (IRL) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Regulated

0.26 0.00

-1.28 3.69

F

-4.89 0.17

-

-

F

-

$ 122.30

-

European Equity Inc

319.52

Em.Mk.Debt Fd.US Dollar

133.23

European Equity Acc

426.69 451.52 -1.68 0.00

US Multi-Cap Income

-0.02 0.00

163.25

-0.24 4.18

UK Micro Cap Growth A

-

-

HC KB Endeavour Multi Asset Balanced A Acc

-1.76 0.50

-

SFr 13.62

HC KB Enterprise Equity Income A Acc

-

-1.91

Convertible Bd Asia PA F

-0.80 0.09

-

-0.72

-

-0.02 0.00

-11.30 0.09

66.42

-

£ 100.72

-

-

255.63

€ 105.60

Blend.Research Gb.Eq.Fd.

Global Convertible B Hdg EUR (Cap) F € 17.54

-

F

Blend.Research Gb.Eq.Fd.

-0.08 0.00

Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.69 100.69 -0.01 1.87

91.60 96.93 -4.81 0.00

31.59xd

F

-0.08 0.00

-

225.53 238.66 -0.05 0.44

Harris Concentrated US Equity R/D (GBP) £ 106.18 106.18 -2.21 32.76

Junior Oils

446.00xd

Emerging Countries Acc

-

6.01

UK Multi-Cap Growth A Inc

$ 271.33 271.33 -4.15 0.00

Harris Concentrated US Equity H-N/A (GBP) £ 147.12 147.12 -3.19 0.00

MFM - Third Party Funds

Natural Resources Acc

Distribution Inc (Gross)

5.96

-

Harris Global Equity R/A (USD)

-

Natural Resources Inc

F

-0.62 0.00

1025.12 1084.78 -19.29 0.31

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 FCA Recognised

-

0.24 3.65

Distribution Inc

-

96.5810 106.3000 -0.4452

Natixis International Funds (Lux) I SICAV (LUX)

-1.98

-5.62 1.69

(LUX)

-7.74 0.00

-185.00

-

F

-

-

-

Distribution Acc (Gross)

$ 436.00

-

207.51

F

Phaeton Intl (BVI) Ltd (Est)

¥ 10262.00

411.79

Distribution Acc

Other International Funds

$ 99.82

F

set Management

Morgens Waterfall Vintiadis.co Inc

Blend.Research U.S.Core Eq.Fd.

-

0.80 0.69

-0.14 0.00

Blend.Research Gb.Eq.Fd.

Property Income B Acc

-

-

-0.06 0.00

-

199.80xd

$ 68.55

-0.08 0.00

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds

Global Bond exUK Inc

0.24 0.00

US Property A F

-

Asset Management

55.71

-0.13 0.00

-

-

Corporate Bd Acc (Gross)

F

$ 119.36

Golden Age (EUR) PA

America Eq Fd A - Net Acc

-

£ 43.81

6.17

JB Strategy Growth-EUR

60 Victoria Embankment, London EC4Y 0JP Brokerline: 0800 727 770, Clients: 0800 20 40 20 Authorised Inv Funds JPM Retail OEIC (A class unless stated)

€ 45.26

US Growth AX F

$

JB Strategy Growth-CHF/B

(UK)

US Growth AH F

€ 17.32

JB Strategy Balanced-CHF/B

JPMorgan Asset Mgmt (1200)F

-0.18 0.00

Convertible Bd P A

JB EF Euro Value-EUR B

-0.94 3.95

0.00 0.00

-

Commodities (USD) PA

JB EF Abs Ret Eur-EUR B

-

F

-

$ 65.54

-0.04 0.00

JB BF Total Ret-EUR B

131.05

Asian Equity Income (No Trail) Acc

$ 13.03

US Growth A F

-0.18 0.25

Invest AD

-3.61 0.00

US Dollar Liquidity A F

-

$ 271.97

-

+/- Yield

-

JB BF Local EM-USD B

Invest AD - Iraq Opportunity Fund $ 58.04

Offer

$ 23.36

JB Emerging (USD)-USD B

-1.13 1.35

-1.36 0.73

Childrens Acc

Alternative Beta PA F

Nano-Cap Growth A Acc Special Situations A Acc

FCA Recognised

Bid

Global Convertible A Hdg EUR(Dis) F € 15.47

JB Emerging (EUR)-EUR B

-

-

-0.06 0.26

£

179.38

164.55

-

Invesco UK Eqty A

F

F

57.27

-0.28 0.00

Asian (No Trail) Inc

European Opportunities (No Trail) Acc

Balanced Risk 10 Acc

-0.24 0.17

-

-1.23 1.33

1.18 -0.01

-0.05 0.04

-

$ 15.88

-

1.18

-0.03 0.00

$ 49.94

Invesco Global Technology A

197.28

Hermes Global ESG Equity Fund Class F Acc £

-

Invesco Pacific Equity A

F

-0.09 4.62

-

-0.48 0.00

Asian (No Trail) Acc

-

55.38

-0.38 0.00

-

Client services: +971 2 692 6101 [email protected] Other International Funds

171.54

53.57

-

$ 50.92

-0.41 0.00

Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 Authorised Inv Funds Martin Currie Investment Funds (OEIC)

Invesco Perpetual High Yield Fund inc (No trail)

Balanced Risk 8 Acc

$ 27.62

Invesco PRC Equity A

-0.63 0.00

-

Martin Currie Fund Management Ltd (1200)F (UK)

4.21 0.00 0.00

Balanced Risk 6 Acc

Invesco Korean Equity A

-

€ 79.88

-1.28 4.26

-1.12 0.00

4.21

-0.40 4.08

0.02 0.00

SFr 119.06

Alternative Beta PA F

-

-

Hermes Global Equity Fund Class R Acc €

-

0.00 0.00

-

Alternative Beta PA F

74.87 79.44 0.00 5.86

€ 186.07

-0.12 4.52

55.67

-

151.10

Gb.Eq. Fd Euro IRE T

-0.30 3.40

F

1.80

$ 17.99

Multi Cap Income A Inc

0.04 0.00

-

Asian Equity Income Inc

$

Invesco Japanese Equity A

High Yield Fixed Interest

-0.06 0.00

-

-

-0.47 3.96

Invesco Jap Eqty Core A

-4.00 0.00

-

€ 12.39

225.52

-

-0.12 0.00

-

$ 16.29

Euro Inflation-Lk Fdt PA

123.56

64.23

-

¥ 1347.00

-0.27 0.00

F

F

$ 13.50

141.30 149.52 0.00 3.45

-

Invesco Perpetual High Yield Fund acc (No trail)

Asian Equity Income Acc

Invesco Global Select Equity A

Global Bond Inc

$ 100.93

European High Income (No Trail) Inc

-2.66 0.83

-0.76 0.00

-0.05 0.00

JB BF EM Inv Grade-USD B

1.54 -0.02 0.00

-

-

-0.98 1.94

-5.88 0.59

3.29 0.03 0.00

424.26

$ 134.84

-

MFS Investment Funds

-

-

1.54

F

Invesco Global Health Care A

185.65 195.47 -0.85 0.00

778.91

F

UK Smaller Cos Equity Acc

3.29

Asian Inc

-0.02 0.87

Global

-1.77 0.00

Hermes Global Equity Fund Class F Acc £

-2.96 0.83

-

-0.05 0.00

-3.24 0.00

Hermes Global Emerging Markets Fund Class R Acc €

-

7.98

166.56

(LUX)

Fund

81.29 86.02 -0.54 4.05

Far East Growth A Inc

-

-0.40 3.34

472.36

Invesco Gbl R/Est Secs A GBP F F £

Extra Income

-

-0.38 3.21

F

-0.05 5.20

-1.23 0.21

€ 294.38

-

Asian Acc

-1.07 0.00

-

-

€ 265.91

-

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Dealing: 0800 085 8571 Investor Services: 0800 085 8677 www.invescoperpetual.co.uk Authorised Inv Funds INVESCO PERPETUAL Funds

-

Invesco Global High Income A NAV $ 12.91

-0.53 0.00

248.82

European Multi-Cap

Gb.Eq.Fund Euro

166.16

(UK)

Invesco Global Small Cap Equity A NAV $ 121.62

-0.99 0.00

-

Gb.Eq.Euro Hdg Fd.

117.92

Invesco Fund Managers Ltd

0.03 1.55

-

81.44

0.08 0.00

F

-0.24 1.04

0.09 0.20

-

154.69

ETF Commodity A

0.03 0.00

F

-

-

ETF Global Growth A

-

European High Income (No Trail) Acc

£ 17.08

9.02

£ 14.86

Invesco Gilt A

-5.18 1.75

-

European Equity Income (No Trail) Inc

IVI European Fund GBP

Invesco Continental European Equity A €

-

€ 12.96

1.25 0.00 0.00

-0.05 0.00

-0.06 4.70

235.46

€ 13.27

1.25

-

-

1531.86 1595.69 -20.04 1.03

Emerging Markets

Euro Government Fdt PA

Hermes Global Emerging Markets Fund Class F Acc £

€ 17.75

Invesco Emerging Markets Bond A $ 21.26

UK Growth

0.00 0.97

Euro Credit Bd PA F

3.56 0.01 0.00

IVI European Fund EUR

-0.25 0.00

135.89 141.55 0.07 2.85

-

-0.72 0.00

3.56

(IRL) Intrinsic Value Investors (IVI) LLP 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 FCA Recognised

-

Strategic Corporate Bond Fund

117.20

-0.08 0.00

Hermes Asia Ex-Japan Equity Fund Class R Acc €

0.01 0.00

Invesco Emerging Markets Equity A $ 38.47

10721.27 10829.57 -97.53 1.41

Defensive A Inc

-

-0.49 3.13

-

-1.46 0.00

10700.04 11145.87 -96.72 0.63

Recovery Fund Limited 'I' Participating Shares

0.00 0.49

-

-0.37 2.80

7.67

-

145.34 149.83 -0.11 2.18

-

$ 89.71

-

£

Invesco Continental Eurp Small Cap Eqty A $ 190.05

Global Convertible B Hdg (Dis) F

Optimal Income Fund Recovery Fund Limited 'A' Participating Shares

85.49 90.00 -0.25 1.58

$ 107.09

-

NAV

0.03 2.30

11395.74 11748.19 -37.44 0.51

Global Macro Bond Fund

50.10

Cautious Inc

JB BF EM Infl Link-USD B

150.35

(IRL)

-0.55 0.38

-

1002.22 1033.22 -10.99 4.40

51.54 54.54 0.09 4.41

Cash

JB BF EM Corporate-USD B

124.52

Norfolk House, 31 St James's Square, London, SW1Y 4JR FCA Recognised

-

$ 27.38

Global High Yield Bond

Bond Income

-4.83 1.78

F

Impax Asset Management

$ 101.98

Invesco Bond A

3411.48 3553.63 -38.70 1.20

155.35 164.27 -0.50 0.08

Balanced

-

F

5.70 0.02 4.01

Invesco ASEAN Equity A

2446.46 2522.12 -30.69 0.00

Global Leaders

(UK) Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 www.marlboroughfunds.com Authorised Inv Funds

358.96

European Equity Income (No Trail) Acc

5.37

-0.04 0.48

Global Basics

Marlborough Fd Managers Ltd (1200)F

F

European Equity (No Trail) Inc

£

0.01 3.57

-

1344.58 1386.17 1.33 3.03

+/- Yield

UK Growth Inc

1.57 -0.02 0.00

Property

-

6.72

164.32 171.17 -2.67 0.00

Corporate Bond

Offer

-7.61 1.75

1.21 0.01 0.00

Property & Other UK Unit Trusts

2.65

$

American Fund

Bid

-

1.57

(UK)

£

Invesco Asian Equity A

(GSY)

Fund

565.79

1.21

Hermes Property Unit Trust

Invesco Stlg Bd A QD F

(LUX)

+/- Yield

F

Hermes Asia Ex-Japan Equity Fund Class F Acc £

set Management

(IRL)

Jefferies Umbrella Fund

(LUX)

Offer

UK Growth Acc

Hermes Active UK Inflation Fund Class F Acc £

-

£ 1.372330 1.378700 0.002870 3.74

-0.31 0.00

-

Money Acc

Bond Fund for Charities

-

-

F

UK Equity Fund for Charities I...C £ 2.848930 2.860070 -0.029550 3.32

-

3113.20

Japanese Smlr Cos Acc

(UK)

1.00

420.12

Corporate Bond (No Trail) Inc

Hermes Investment Funds Plc

£ 31.13

F

Income Acc

Bid

101.13

HL Multi-Manager Equity & Bond Trust (Income units)

F

Fund

Manulife Global Fund Other International Funds Asia Total Return Fund Class AA $ 0.9845

-

-0.0025

-

Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.9241

-

-0.0204

-

Asia Total Return Fund Class AA Inc $ 0.9442

-

-0.0024 3.40

Asia Value Dividend Equity Fund Class AA F $ 1.6290

-

-0.0068 0.00

Asia Value Dividend Equity Fund Class AA Inc $ 0.9926

-

-0.0048

Strategic Income Fund Class AA F $ 1.0894

-

-0.0009 4.40

-

Oasis Crescent Management Company Ltd Other International Funds

Morgan Stanley Investment Funds

€ 45.01

-

0.09 0.00

European Currencies High Yield Bd A F € 22.08

-

0.01 0.00

European Equity Alpha A F

€ 47.77

-

0.42 0.00

European Property A F

€ 35.32

-

0.11 0.00

Eurozone Equity Alpha A F

€ 12.45

-

0.18 0.00

Global Bond A F

$ 39.01

-

-0.16 0.00

Global Brands A F

$ 92.63

-

-1.04 0.00

Global Convertible Bond A F

$ 43.29

-

0.00 0.00

US Equity Income Acc ... C

122.80xd

-

-2.10 1.85

Global Property A F

$ 28.27

-

-0.10 0.00

US Equity Income £ hdg Inc ... C

101.20xd

-

-1.70 2.04

Indian Equity A F

$ 37.86

-

-0.07 0.00

US Equity Income Inc ... C

105.90xd

-

-1.80 1.87

Latin American Equity A F

$ 45.03

-

-0.23 0.00

US Select Acc

113.50xd

-

-2.10 0.00

Short Maturity Euro Bond A F

€ 20.47

-

-0.01 0.00

Oasis Crescent Equity Fund

R

9.68

-

-0.12 0.00

Oasis Global Mgmt Co (Ireland) Ltd

(IRL)

$ 27.48

9.63

-

-0.43 0.17

Odey Asset Management LLP

(UK) 40 Dukes Place, London, EC3A 7NH Order Desk: 0845 300 2106, Enquiries: 0870 607 2555 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds CF Odey Continental European R Acc

722.23

-

-2.05 0.19

CF Odey Continental European I Acc

123.42

-

-0.35 0.75

CF Odey Continental European I Inc

118.61

-

-0.33 0.75

CF Odey Opus R Inc

3905.03

-

-22.82 0.00

CF Odey Opus Fund A Accumulation

139.29

-

-0.81 0.00

★

Thursday 12 March 2015

31

FINANCIAL TIMES

MANAGED FUNDS SERVICE Fund

Bid

CF Odey Opus Fund I Acc

178.98

-

-1.04 0.25

CF Odey Opus Fund I Inc

175.24

-

-1.02 0.25

1.74

-

-0.01 0.00

1.60

-

-0.01 0.00

292.37

-

-1.76 0.00

CF Odey Absolute Return Fund Euro Hedged € CF Odey Absolute Return Fund US Dollar Hedged $ CF Odey Absolute Return R

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Pictet-China Index I USD

$ 115.17

-

-1.59 0.00

North American I USD

Pictet-Clean Energy-I USD F

$ 91.54

-

-1.20 0.00

UK Absolute Equity I GBP

Pictet-Digital Communication-I USD F $ 246.21

-

-3.99 0.00

Pictet-Eastern Europe-I EUR F

€ 296.81

-

-10.09 0.00

Polar Capital LLP

Pictet-Em Lcl Ccy Dbt-I USD F

$ 164.94

-

-1.76 0.00

Regulated

CF Odey Absolute Return I

301.36

-

-1.80 0.00

Pictet-Emerging Markets-I USD F $ 536.56

-

-5.39 0.00

CF Odey Portfolio Fund Class P Institutional Acc

106.59

-

0.28

-

Pictet-Emerging Markets Index-I USD F $ 240.95

-

-3.97 0.00

CF Odey Portfolio Fund Class P Retail Acc

106.28

-

0.27

-

Pictet-Emerging Corporate Bonds I USD $ 105.80

-

-0.15 0.00

CF Odey Portfolio Fund I Acc

150.91

-

0.43 0.06

Pictet-Emerging Markets High Dividend I USD $ 106.05

-

-1.48 0.00

CF Odey Portfolio Fund I Inc

148.52

-

0.42 0.06

Pictet-Emerging Markets Sust Eq I USD $ 97.61

-

-1.31 0.00

CF Odey Portfolio Fund R Acc

147.05

-

0.42 0.00

Pictet-Environmental Megatrend Sel I EUR € 164.32

-

0.04 0.00

146.80

CF Odey Portfolio Fund R Inc

-

0.42 0.00

Odey Asset Management LLP

(CYM)

Regulated OEI MAC Inc A

£ 444.63

-

-2.94 0.00

OEI Mac Inc B

£ 248.84

-

-1.97 0.00

OEI MAC Inc USD

$ 2419.48

-

-17.16 0.00

Odey European Inc EUR

€ 930.79

-

2.22 0.00

Odey European Inc A GBP

£ 356.34

-

0.80

Odey European Inc B GBP

£ 202.28

-

0.45 0.00

Odey European Inc USD

$ 433.43

-

1.04 0.00

Giano Capital EUR Inc

€ 4970.97

-

15.47 0.00

Odey Asset Management LLP

-

(IRL)

FCA Recognised Odey Pan European EUR R

€ 360.83

-

1.58 0.00

Odey Pan European GBP R

£ 205.67

-

-1.57 0.00

Odey Allegra European EUR O

€ 275.55

-

-1.06 0.00

Odey Allegra European EUR A

€ 165.73

-

-0.64 0.00

Odey Allegra European GBP O

£ 280.47

-

-4.48 0.00

Odey Allegra European USD O

$ 226.86

-

-3.82 0.00

Odey Allegra European EUR I

€ 262.77

-

-1.02 0.00

Odey Allegra European EUR A I

€ 168.46

-

-0.65 0.00

Odey Allegra European GBP D

£ 168.90

-

-2.70 0.00

Odey Allegra International Euro Class € 185.84

-

1.03 0.00

Odey Allegra International GBP Class £ 206.13

-

-1.33 0.00

$ 156.55

-

-1.15 0.00

Odey Allegra International Euro I Class € 169.99

-

0.93 0.00

Odey Allegra International GBP D inc £ 186.75

-

-1.21 0.00

Odey Allegra International GBP A D £ 137.69

-

-0.90 0.00

Odey Allegra Developed Markets Fund USD I $ 130.10

-

-1.86 0.00

Odey Allegra Developed Markets Fund GBP I £ 133.81

-

-1.82 0.00

Odey Atlas Fund GBP I

£ 103.83

-

0.10

Odey Atlas Fund GBP I S

£

1.24

-

0.00 0.00

Odey Atlas Fund GBP R S

£

1.06

-

0.00 0.00

Odey Giano European Fund EUR R € 118.54

-

1.21 0.00

Odey Allegra International USD

-

Odey Giano European Fund GBP R £ 119.12

-

1.20 0.00

Odey Giano European Fund USD R $ 119.88

-

1.21 0.00

€ 129.57

-

0.27 0.00

Odey Naver Fund GBP I Class

£ 130.05

-

0.23 0.00

Odey Odyssey USD I

$ 165.73

-

-0.70 0.00

Odey Naver Fund Euro I Class

Odey Odyssey Fund GBP I

£ 165.27

-

-0.70 0.00

Odey Odyssey Fund GBP R

£ 162.76

-

-0.69 0.00

Odey Odyssey EUR I

€ 148.51

-

-0.61 0.00

Odey Odyssey Fund EUR R

€ 123.57

-

-0.51 0.00

Odey Odyssey Fund USD R

$ 129.04

-

-0.54 0.00

Odey Orion Fund Euro I Class

€ 126.54

-

-0.43 0.00

$ 126.53

Odey Orion Fund USD I Class

-

-0.43 0.00

Odey Swan Fund Euro I Class

€ 113.31

-

3.88 0.00

Odey Swan Fund Euro R Class

€ 112.28

-

3.90 0.00

Odey Swan Fund GBP I Class

£ 113.50

-

3.83 0.00

Odey Swan Fund GBP R Class

£ 117.93

-

4.00 0.00

Odey Swan Fund USD I Class

$ 112.95

-

3.82 0.00

Odey Swan Fund USD IR Class

$ 112.24

-

3.75 0.00

Odey Swan Fund USD R Class

$ 112.01

-

3.84 0.00

Odey European Absolute Return Fund EUR I € 101.10

-

1.74 0.00

Odey European Absolute Return Fund GBP I £ 100.64

-

1.80 0.00

Odey European Absolute Return Fund USD I $ 101.36

-

1.57 0.00

Odey European Absolute Return Fund EUR R € 96.22

-

1.75 0.00

Odey European Absolute Return Fund GBP R £ 100.33

-

1.80 0.00

Odey European Absolute Return Fund USD R $ 100.94

-

Odey European Absolute Return Fund EUR S € 101.34

-

Odey European Absolute Return Fund GBP S £ 101.90 Odey European Absolute Return Fund USD S $ 101.47

€ 569.95

-

2.76 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR € 147.39

-

0.24 0.00

Pictet-EUR Bonds-I F

€ 204.21

-

0.29 0.00

Pictet-EUR Government Bonds I EUR € 162.37

-

1.12 0.00

€ 244.90

-

-1.26 0.00

Pictet-EUR Corporate Bonds-I F

Pictet-EUR High Yield-I F

Pictet-EUR Inflation Linked Bonds I EUR € 130.54

-

0.69 0.00

Pictet-EUR Short Mid-Term Bonds-I F € 137.03

-

0.02 0.00

€ 119.04

-

0.85 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.19

-

0.00 0.00

Pictet-EUR Short Term HY I EUR

Fund

Bid

Offer

Fund

Bid

$ 17.35 17.35 -0.32 0.00

Your Portfolio Fund V Class 1

129.90

-

-0.90 0.50

Saracen Global Income and Growth Fund -Acc

£

1.49

-

£ 10.56 10.56 -0.03

Your Portfolio Fund V Class 2

129.60

-

-0.90 0.90

Saracen Global Income and Growth Fund -Dist

£

1.34

-

Your Portfolio Fund VI Class 1

129.50

-

-1.00 0.50

Your Portfolio Fund VI Class 2

129.80

-

-1.10 0.90

$ 127.51

-

1.16 0.00

European Conviction A EUR

€ 159.14

-

-5.67 0.00

European Forager A EUR

€ 174.69

-

-6.35 0.00

ALVA Convertible A USD

Polunin Capital Partners Ltd Other International Funds Developing Countries 'A'

$ 38.29

Emerging Markets Active Luxcellence Em Mkts Tech Polunin Developing Countries

$ 843.76 850.93 -15.10 0.00

-

0.63 0.00

$ 42.45

-

-0.45

$ 1006.86

-

3.45 0.00

Polunin Discovery - Frontier Markets $ 1474.70

-

Regulated Monument Growth 03/03/2015

£ 470.87 476.21 3.19 1.05

-

-1.37 0.00

-

-1.70 0.00

Prusik Investment Management LLP Enquiries - 0207 493 1331 Regulated

-7.26 0.00

-

-1.76 0.00

Pictet-Generics-I USD F

$ 290.89

-

-4.57 0.00

(IRL)

Prusik Asian Equity Income B Dist $ 161.50

-

-0.20 4.52

Prusik Asia A

$ 201.12

-

-1.09 0.00

Prusik Asian Smaller Cos A

$ 156.18

-

-1.77 0.00

Pictet-Global Megatrend Selection-I USD F $ 229.09

-

-3.17 0.00

-

-1.49 0.25

UK Growth

248.30

-

-2.00 0.00

-

-1.38 0.25

Equity & General O Inc

352.64

-

-1.40 0.00

Equity & General O Acc

380.01

-

-1.51 0.00

European C Acc

495.57

-

-3.17 0.22

European O Acc

491.79

-

-3.17 0.00

Japanese Fund C Acc

184.74

-

1.21 0.01

Japanese Fund O Acc

183.12

-

1.19 0.00

Pacific C Acc

298.65

-

0.28 0.47

Pacific O Acc

296.10

-

0.27 0.17

LTIF Stability Growth

SFr 214.20

-

-0.40

Total Return C Acc

394.01

-

-3.95 1.62

LTIF Stability Inc Plus

SFr 190.20

-

-0.40 5.34

Total Return C Inc

276.71

-

-2.77 1.63

Total Return O Inc

274.49

-

-2.77 1.63

Smith & Williamson Investment Management (1200)F (UK)

Total Return O Acc

390.96

-

-3.93 1.61

-3.13 0.35 -3.11 0.13

Regulated

Global Total Fd PCG INT

160.43

-

-3.08 0.00

S W Mitchell European Fund Class A EUR € 316.34

-

17.44

-

S W Mitchell Small Cap European Fund Class A EUR € 219.35

-

3.36

-

Pictet-Indian Equities-I USD F

$ 491.33

-

-2.45 0.00

Pictet-Japan Index-I JPY F

¥ 16112.01

-

5.60 0.00

Pictet-Japanese Equities Opp-I JPY F ¥ 9400.91

-

-10.03 0.00

Pictet-Japanese Equity Selection-I JPY F ¥ 14459.45

-

0.99 0.00

Regulated 167.97

-

1.16 0.00

165.84

-

1.14 0.00

Purisima Investment Fds (CI) Ltd

$ 59.76

-

-1.34 0.00

PCG B

Pictet-LATAM Lc Ccy Dbt-I USD F $ 121.85

-

-0.62 0.00

PCG C

Pictet-LATAM Index I USD

Pictet-Pacific Ex Japan Index-I USD F $ 363.23

-

-0.12 0.00

Pictet-Quality Global Equities I USD $ 134.29

-

-2.05 0.00

Pictet-Russia Index I USD

$ 50.14

-

-3.34 0.00

Pictet-Russian Equities-I USD F

$ 42.91

-

-2.67 0.00

Pictet-Security-I USD F

$ 193.48

-

-3.36 0.00

Pictet-Select-Callisto I EUR

€ 106.38

-

0.04 0.00

Pictet-Small Cap Europe-I EUR F € 1059.07

-

-5.54 0.00

Pictet-ST.MoneyMkt-I

€ 140.56

-

0.00 0.00

Pictet-ST.MoneyMkt JPY I USD

¥ 101567.66

-

1.64 0.00

Pictet-ST.MoneyMkt-ICHF

SFr 125.05

-

-0.01 0.00

Pictet-ST.MoneyMkt-IUSD

$ 134.86

-

0.00 0.00

Pictet-Timber-I USD F

$ 156.67

-

-2.44 0.00

Pictet Total Ret-Agora I EUR

€ 109.49

-

0.00

Pictet Total Ret-Corto Europe I EUR € 132.75

-

0.14 0.00

Pictet Total Ret-Divers Alpha I EUR € 103.30

-

0.07

€ 109.32

-

-0.02 0.00

Pictet Total Ret-Mandarin I USD $ 115.99

-

0.08 0.00

Pictet-US Equity Selection-I USD $ 191.69

-

-3.74 0.00

Pictet-US High Yield-I USD F

$ 148.61

-

-0.57 0.00

Pictet-USA Index-I USD F

$ 179.06

-

-3.08 0.00

Pictet-USD Government Bonds-I F $ 631.77

-

2.32 0.00

Pictet Total Ret-Kosmos I EUR

-

-

Pictet-USD Short Mid-Term Bonds-I F $ 128.90

-

0.04 0.00

Pictet-USD Sov.ST.Mon.Mkt-I

$ 102.51

-

0.00 0.00

Pictet-Water-I EUR F

€ 278.05

-

-0.01 0.00

Pimco Fds: Global Investors Series Plc

(IRL)

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH http://gisnav.pimco-funds.com/ Dealing: +44 20 3640 1000 PIMCO Funds: +44 (0)20 3640 1407 FCA Recognised

Putnam Investments (Ireland) Ltd

(IRL)

Regulated Putnam New Flag Euro High Yield Plc - E € 1045.82

-

-2.51 4.73

Rathbone Unit Trust Mgmt (1200)F

Blue Chip Income Inc

154.05 159.04 -1.40 3.97

Blue Chip Income Acc

223.69 230.75 -2.02 3.85

Ethical Bond Inc

93.31 95.39 0.13 4.81

Ethical Bond Acc

173.61 177.17 0.24 4.68

Global Opportunities Acc

129.42 133.55 -1.37 0.00

Income Inc

862.17 891.98 -8.80 3.82

Income Acc

1293.55 1336.99 -13.19 3.71

Multi Asset Enhanced Growth Acc

126.20

-

-0.96 0.00

Multi Asset Strategic Growth inc

150.98

-

-0.78 1.17

Multi Asset Strategic Growth acc

158.64

-

-0.81 1.02

Multi Asset Total Return inc

127.90

-

-0.17 1.63

Multi Asset Total Return acc

139.05

-

-0.18 1.75

Recovery Inc

414.17 430.00 -3.46 2.29

Strategic Bond Ret Acc

£

1.19

1.21 0.00 3.86

Strategic Bond Ret Inc

£

1.07

1.09 0.00 3.90

RECM Global Management Limited

30.37

S W Mitchell Capital LLP

-

(IRL)

Regulated SWMC UK Fund B

€ 15763.43 £ 10751.67

-

-152.24 0.00 -109.70

-

SWMC Small Cap European Fund B EUR € 13366.50

-

-28.97 0.00

SWMC Emerging European Fund B EUR € 8973.13

-

-144.18 0.00

SIA (SIA Funds AG) Regulated LTIF Alpha

€ 174.06

-

-0.92 0.00

LTIF Classic

€ 362.34

-

-2.58 0.00

LTIF Natural Resources

€ 83.33

-

-1.51 0.00

SIA (SIA Funds AG) (CH) Other International Fds

-

-0.42 0.00

RECM Global Equity Fund Limited - Class A $

-

-0.26 0.00

8.79

Tel. +41 44 653 10 10 http://www.robecosam.com/ Regulated RobecoSAM Sm.Energy/A

£ 12.43

-

-0.17 1.17

RobecoSAM Sm.Materials/A

£ 133.91

-

-2.03 1.85

RobecoSAM Gl.Small Cap Eq/A

£ 82.48

-

-1.43 1.65

RobecoSAM Sustainable Gl.Eq/B € 188.06

-

-1.22 0.00

RobecoSAM S.HealthyLiv/B

€ 189.81

-

-0.27 0.00

RobecoSAM S.Water/A

£ 165.93

-

-2.28 2.23

MM Endurance Balanced Fund A Class

217.80

-

-0.60 1.04

Veritas Global Equity Income Fund A USD $ 119.20

-

-1.04 4.62

MM Global Investment Fund A Class

2249.00

-

-8.00 1.52

Veritas Global Equity Income Fund C GBP £ 176.15

-

-1.68

-

-

0.93

-

North American Trust A Class

1795.00

-

-33.00 0.00

Veritas Global Equity Income Fund C EUR € 252.81

Oriental Growth Fund A Class

149.50

-

-0.70 1.57

Veritas Global Equity Income Fund C USD $ 136.22

-

-1.18

UK Equity Growth Trust A Class

417.20

-

-2.50 0.78

Veritas Global Real Return Fund A USD $ 20.36

-

-0.19 2.06

UK Equity Income Trust A Class

228.00

-

-2.20 5.43

Veritas Global Real Return Fund A GBP £ 11.33

-

-0.10 2.05

Veritas Global Real Return Fund A EUR € 12.00

-

-0.12 0.17

Smith & Williamson Fd Admin Ltd (1200)F

S&W Deucalion Fd (OEIC)

2111.00

Veritas Asian Fund B EUR

€ 250.38

-

2.25 0.00

384.10 405.50 -2.60 1.48 190.00 201.10 -0.80 1.62

Global Yield B Inc F

112.50

-

-0.10 1.59

Veritas China Fund B GBP

£ 130.87

-

-0.27 0.00

Global Balanced B Acc F

131.40

-

-0.40 0.36

Veritas China Fund B EUR

€ 137.94

-

Charity Value and Income Fund Acc

134.90 135.70 -1.90 4.45

-0.29 0.00

Global Balanced B Inc F

126.80

-

-0.40 0.36

Veritas Global Focus Fund B USD $ 17.62

-

Charity Value and Income Fund Inc

93.90 94.44 -1.28 4.57

-0.18 1.67

Veritas Global Focus Fund B GBP £ 21.03

-

-0.23 1.73

-

-0.03 0.00

Global Growth B Acc F

140.00

-

-0.80 0.28

Global Growth B Inc F

131.20

-

-0.80 0.29

Veritas Global Focus Fund B EUR € 16.67

-

0.03 1.62

Global Equity Fund B Acc F

133.50

-

-1.10 0.30

Veritas Global Equity Income Fund B GBP £ 141.41

-

-1.35 4.59

1.33

-

-0.01 0.31

Veritas Global Equity Income Fund B EUR € 202.65

-

0.74 3.95

66.00

-

-0.40 3.18

Veritas Global Equity Income Fund B USD $ 118.61

-

-1.04 4.67

Global Equity Fund B Inc F

£

UK Income Focus B Inc F

Daiwa Gaika MMF AU$ Portfolio

A$

0.01

-

0.00

-

UK Income Focus B Acc F

86.90

-

-0.60 3.11

Veritas Global Real Return Fund B USD $ 19.75

-

-0.19 1.62

US$ Portfolio

$

0.01

-

0.00

-

UK Balanced B Inc F

70.60

-

-0.20 1.32

Veritas Global Real Return Fund B GBP £ 11.12

-

-0.11 1.63

Veritas Global Real Return Fund B EUR € 12.86

-

-0.12 1.44

Real Return Asian Fund USD (Est) € 291.81

-

3.50 0.00

Real Return Asian Fund GBP (Est) £ 310.18

-

3.59 0.00

(UK) Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Authorised Funds

Real Return Asian Fund EUR (Est) $ 305.22

-

3.63 0.00

TM New Court Fund A 2011 Inc

Canadian Dllr Pfolio

C$

0.01

-

0.00

-

UK Balanced B Acc F

76.70

-

-0.30 1.30

New Zealand Dllr Pfolio

NZ$

0.01

-

0.00

-

UK Growth B Acc F

77.90

-

-0.60 1.17

UK Growth B Inc F

86.20

-

-0.50 1.16

Veritas Asset Management LLP

Monthly Dividend AUD Bd

A$ 10.49

-

0.02 0.00

UK Equity B Acc F

87.00

-

-1.00 2.23

Monthly Dividend EUR Bd

€ 11.09

-

0.05 0.00

UK Equity B Inc F

80.20

-

-0.90 2.26

www.veritas-asset.com Other International Funds

Monthly Dividend CAD Bd

C$ 10.41

-

0.01 0.00

Daiwa Bond Series

$

7.97

-

0.01 0.00

New Major Economies

$

8.73

-

-0.09 0.00

Standard Life Wealth

(JER)

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 FCA Recognised Standard Life Offshore Strategy Fund Limited

Thesis Unit Trust Management Limited

£ 13.38

-

-0.05 0.00

Waverton Investment Funds Plc (1600)F

TM New Court Fund - A 2014 Acc £ 13.41

-

-0.04

TM New Court Equity Growth Fund - Inc £ 13.57

-

-0.06 0.00

[email protected] FCA Recognised

-

(IRL)

Waverton Asia Pacific A USD

$ 19.72

-

Waverton European Fund A Eur

€ 18.69

-

-0.05 1.04 0.15 0.32

£ 1.6288

-

-0.0120 2.45

Waverton Global Bond Fund Cls A $

9.33

-

0.00 5.09

Diversified Assets Fund

£ 1.1976

-

-0.0046 3.01

Waverton Global Equity Fund A GBP £ 14.83

-

-0.19 0.24

Global Equity Fund

£ 1.8679

-

-0.0243 1.30

Waverton UK Fund A GBP

£ 13.15

-

-0.14 1.81

Global Balanced Fund - Income Units £ 1.3668

-

-0.0098 1.62

Waverton Equity Fund A GBP

£ 15.42

Global Balanced Fund - Accumulations Units £ 1.5666

-

-0.0112 1.60

Waverton Sterling Bond Fund A GBP £

£ 1.0488

-

-0.0019 3.47

Sterling Fixed Interest Fund

£ 0.8781

-

0.0018 3.22

Tosca

$ 287.66

-

0.17 0.00

UK Equity Fund

£ 1.9704

-

-0.0168 2.81

Tosca Mid Cap GBP

£ 240.87

-

13.28 0.00

Tosca Opportunity B USD

$ 313.41

-

20.23 0.00

-

-0.08 0.00

9.96

-

-0.01 5.18

€ 122.07

-

0.83 0.00

5.37 0.00

-1.60

-

Stenham Asia USD (Est)

Winton Evolution EUR Cls H

€ 1425.23

-

3.80 0.00

Authorised Inv Funds

€ 12.35

-

0.01 0.00

Euro Short-Term Inv Acc

€ 11.98

-

0.01 0.00

Euro Ultra Long Duration - Inst Acc € 32.24

-

0.78 0.00

-

-0.05 0.00

9.01

-

-0.05 0.00

Global Bond - Inst Acc

$ 28.06

-

0.09 0.00

Global Bond Ex-US - Inst Acc

$ 19.73

-

0.08 0.00

Global Fundam.Index StocksPLUSInst Acc $ 11.63

-

-0.24 0.00

Global High Yield Bond - Inst Acc $ 20.18

-

-0.08 0.00

Global Investment Grade Credit - Inst Income $ 12.58

-

0.02 3.23

Global Investment Grade Credit Fund Inst Acc € € 12.05

-

0.14 0.00

Global Investment Grade Credit Fund Inst Acc $ $ 16.73

-

0.03 0.00

Royal Bank of Scotland (2230)F

(UK)

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Series 5 (Minumum Initial Investment £75,000) United Kingdom Equity Index Fund £ 16.37

-

-0.38 2.53

UK Specialist Equity Inc

£ 19.75

-

-0.24 0.35

Contl Europe Specialist Fund

£ 23.70

-

-0.27 0.00

Japan Specialist Fund

£ 14.38

-

-0.05 0.00

US Spec Equity Fund

£ 18.68

-

Pacific Basin Specialist Equity Fund £ 42.79 UK Sovereign Bd Index Fund

£ 10.70

Inflation Lkd Sov Bd Fund

Global Fixed Interest Fund

1.10 0.00

International A

€ 305.45

-

-2.82 0.00

Winton Evolution GBP Cls G

£ 1447.12

-

4.33 0.00

Winton Futures JPY Cls E

¥ 20624.60

-

38.32 0.00

Max 70% Shs Acc Ret

166.30

-

-0.90

-

Stenham Emerging Markets USD B1 (Est) $ 104.61

-

-3.70 0.00

International B

$ 392.11

-

-3.50 0.00

Max 70% Shs Inc Ret

141.90

-

-0.80

-

Stenham Gold USD (Est)

$ 164.31

-

-7.40 0.00

International C

£ 135.97

-

-1.24 0.00

Investments Inc Acc Ret

156.80

-

0.20

-

Stenham Growth USD (Est)

$ 221.19

-

8.36

International D

€ 291.25

-

-2.56 0.00

Investments Inc Inc Ret

105.30

-

0.10

-

Stenham Healthcare USD (Est)

$ 184.15

-

6.48 0.00

Pacific A

€ 291.24

-

0.39 0.00

Equity Inc Inc Inst

240.60

-

-2.50

-

Stenham Helix USD

$ 31.00

-

-73.66

-

Pacific B

$ 368.12

-

0.62 0.00

Equity Inc Inc Ret

207.30

-

-2.10

-

Stenham Managed Fund USD (Est) $ 117.42

-

3.34

-

TreeTop Global Sicav

N&P UK Gwth Inc Ret

162.90

-

-1.90

-

Stenham Multi Strategy USD (Est) $ 121.87

-

3.62

-

Global Opp.A

€ 151.03

-

-1.90 0.00

Stckmkt 100 Track Gwth Acc Inst

95.41

-

-1.27

-

Stenham Quadrant USD A (Est)

$ 397.75

-

-0.48

-

Global Opp.B

$ 148.24

-

-2.32 0.00

Stckmkt 100 Track Gwth Acc Ret

175.70

-

-2.40

-

Stenham Trading Inc USD (Est)

$ 115.17

-

-0.14

-

Global Opp.C

£ 188.82

-

-2.96 0.00

UK Growth Acc Inst

278.10

-

-3.00

-

Stenham Universal USD (Est)

$ 454.04

-

13.01

-

Sequoia Equity A

€ 146.56

-

-1.95 0.00

Tel +44-20-7269-0207 www.yukifunds.com Regulated Yuki Mizuho Umbrella Fund

UK Growth Acc Ret

323.70

-

-3.40

-

Stenham Universal II USD (Est)

$ 168.85

-

Sequoia Equity B

$ 150.70

-

-2.73 0.00

Yuki Mizuho Japan Dynamic Growth ¥ 7014.00

-

26.00 0.00

UK Growth Inc Ret

217.70

-

-2.30

-

Sequoia Equity C

£ 171.44

-

-2.95 3.48

Yuki Mizuho Japan Large Cap

¥ 7253.00

-

16.00 0.00

Yuki Japan Low Price

¥ 25240.00

-

63.00 0.00

Yuki Japan Value Select

¥ 12190.00

-

25.00 0.00

¥ 16965.00

-

63.00 0.00

Yuki Japan Rebounding Growth Fund ¥ 22759.00

-

83.00 0.00

-

-1.86 0.00

Managed OEIC

Stratton Street Capital (CI) Limited

171.70

-

-1.80

-

-0.25 0.00

Max 70% Shs Port Acc Ret

257.90

-

-1.10

-

Japanese Synthetic Warrant

¥ 1306.73

-

-31.80 0.00

YMR Umbrella Fund

-

-0.23 0.61

Max 70% Shs Port Acc X

185.20

-

-0.80

-

Japan Synthetic Warrant GBP Hedged Participating Shares £ 159.64

-

15.33 0.00

YMR N Growth

-

0.11 2.47

Max 70% Shs Port Acc S

149.60

-

-0.60

-

Japan Synthetic Warrant Fund USD Class $ 14.14

-

-0.43 0.00

Yuki Asia Umbrella Fund

Regulated

£ 12.34

-

0.20 0.70

Investment Port Acc Ret

233.80

-

0.50

-

Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 158.21

-

15.18 0.00

-

-0.09 3.44

Investment Port Acc X

165.70

-

0.30

-

Renminbi Bond Fund AUD Cls A A$ 116.65

-

-0.38 4.03

£ 12.10

-

-0.11 0.44

Troy Asset Mgt Ltd

Max 50% Shs Port Acc Ret

247.00

-

-0.50

-

Renminbi Bond Fund AUD Cls B A$ 118.55

-

-0.38 3.76

Global Spec Inv Grade Bd Fund GBP £ 10.08

-

-0.02 3.10

Max 50% Shs Port Inc Ret

222.80

-

-0.50

-

Renminbi Bond Fund CHF Cls A SFr 115.94

-

-0.37 4.01

Max 50% Shs Port Acc X

178.80

-

-0.40

-

Renminbi Bond Fund CHF Cls B SFr 115.87

-

-0.38 3.76

40 Dukes Place, London EC3A 7NH Order desk: 0845 608 0950, Enquiries 0845 608 0950 Authorised Inv Funds ACD Capita Financial Mgrs

Max 50% Shs Port Acc S

149.60

-

-0.30

-

Renminbi Bond Fund CNH Cls A CNH 120.45

-

-0.41 3.55

Trojan Investment Funds

Max 100% Shs Port Acc Ret

287.10

-

-3.00

-

Renminbi Bond Fund CNH Cls B CNH 120.35

-

-0.41 3.30

Spectrum Fund 'O' Acc

161.15

-

-0.72 0.26

Max 100% Shs Port Acc X

206.20

-

-2.10

-

Renminbi Bond Fund Euro Cls B

€ 116.87

-

-0.38 3.78

Spectrum Fund 'O' Inc

157.16

-

-0.69 0.26

Zebedee Focus Fund Limited Class A EURO Shares € 169.78

-

-0.96 0.00

Max 100% Shs Port Acc S

150.00

-

-1.50

-

Renminbi Bond Fund GBP Cls B

£ 118.32

-

-0.39 3.57

Trojan Fund O Acc

253.37

-

-1.58 0.60

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

-

-1.19 0.00

Enhanced Inc Inc Ins

209.20

-

-2.70

-

Renminbi Bond Fund SGD Cls B S$ 117.31

-

-0.38 3.54

Trojan Fund O Inc

210.78

-

-1.32 0.60

Zebedee Focus Fund Limited Class A USD $ 170.38

-

-0.82 0.00

Enhanced Inc Inc Ret

198.90

-

-2.50

-

Renminbi Bond Fund USD Cls B

$ 117.91

-

-0.39 3.32

Trojan Capital O Acc

207.84

-

-2.91 0.91

Enhanced Inc Inc X

168.40

-

-2.10

-

$ 14.80

-

-0.16 0.00

Global Real Return - Inst Acc

$ 18.09

-

0.10 0.00

The Dorset Energy Fd Ltd NAV (Est) $ 40.88

-

-0.69 0.00

High Yield Bond - Inst Acc

$ 28.05

-

-0.11 0.00

Series 6 (Investment Management Customers Only)

Platinum Fd Ltd (Est)

$ 91.10

-

0.00 0.00

Income Fund Inst Acc

$ 12.11

-

-0.01 0.00

United Kingdom Equity Index Fund £ 16.16

-

-0.39 2.88

Platinum Fd Ltd EUR (Est)

€ 17.83

-

0.00 0.00

Inflation Strategy Fund Inst Acc

$

9.43

-

-0.05 0.00

UK Specialist Equity

£ 19.96

-

-0.24 1.51

0.00 0.00

Low Average Duration - Inst Acc $ 14.81

-

0.00 0.00

Contl Europe Specialist Fund

£ 24.52

-

-0.28 0.61

PIMCO EqS Emerging Markets Fund Inst Acc $

8.19

-

-0.17 0.00

Japan Specialist Fund

£ 15.06

-

-0.04 0.53

PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 16.16

-

-0.20 0.00

US Spec Equity Fund

£ 19.41

-

-0.26 0.16

PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.31

-

-0.26 0.00

Pacific Basin Specialist Equity Fund £ 42.51

-

-0.22 1.18

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.87

-

-0.06 0.00

UK Sovereign Bd Index Fund

£ 10.79

-

0.11 2.47

StocksPLUS{TM} - Inst Acc

$ 23.06

-

-0.38 0.00

Inflation Lkd Sov Bd Fund

£ 12.20

-

0.19 0.70

Total Return Bond - Inst Acc

$ 27.26

-

0.08 0.00

UK Specialist Equity Income Fund £ 10.78

-

-0.10 3.39

Max 30% Shs Port Acc Ret

156.60

-

-0.10

UK Corporate Bond - Inst Acc

£ 17.38

-

0.12 0.00

Global Spec Inv Grade Bd Fund GBP £ 10.32

-

-0.02 3.10

Max 30% Shs Port Acc X

156.60

-

-0.10

UK Long Term Corp. Bnd Inst-Inst Acc £ 19.40

-

0.20 0.00

Global Emerg Mkts Equity Fund

-

-0.10 0.64

Max 30% Shs Port Acc S

150.30

-

-0.10

-

UK Real Return - Inst Acc

£ 22.08

-

0.38 0.00

Max 30% Shs Inc Port Inc Ret

156.40

-

-0.20

-

UK Sterling Long Average Duration - Inst Acc £ 21.60

-

0.34 0.00

Max 30% Shs Inc Port Inc X

156.50

-

-0.20

-

UK Sterling Low Average Duration - Inst Acc £ 14.20

-

0.02 0.00

Poland Geared Growth

Max 30% Shs Inc Port Inc S

149.90

-

-0.20

-

Unconstrained Bond - Inst Acc

$ 12.24

-

0.00 0.00

PO Box 105, Manchester M4 8BB 08457 464646 Authorised Inv Funds

Max 60% Shs Port Acc Ret

269.70

-

-1.20

-

US Fundam.Index StocksPLUS Inst Inc $ 12.56

-

-0.21 0.00

CIS Sustainable Diversified Trust A £

Global Emerg Mkts Equity Fund

Royal London Unit Managers (CIS) (1200) F (UK)

CIS Sustainable World Trust A Corporate Bd Inc Tst European Growth Sustainable Leaders

-

-

Platinum Global Dividend Fund - A (Est) $ 63.81

-

-

-

£ 12.07

Address and telephone number for Series 5 only

A

-

0.00

-

-

www.permal.com Other International Funds Offshore Fund Class A US $ Shares

Polar Capital Funds Plc

(IRL)

Regulated

Trojan Income O Inc

166.28

-

-2.04 3.92

-0.51 3.79

Renminbi Bond Fund YEN Class

¥ 19275.24

-

-63.01 0.00

Renminbi Bond Fund EUR Class

€ 107.34

-

-0.35 4.03

£

-

-0.02 0.00

-

91.54 96.36 0.22 4.03

Max 60% Shs Port Inc S

149.10

-

-0.70

-

104.20 109.70 -0.20 1.70

Eq Inc Port Acc Ret

294.80

-

-3.10

-

459.20

Eq Inc Port Inc Ret

235.00

-

-2.40

-

-4.30 0.67

E.I. Sturdza Strategic Management Limited (GSY) Regulated

UBS Global Asset Mgmt Fds Ltd

(UK) 21 Lombard Street, London, EC3V 9AH Client Services 0800 587 2113, Client Dealing 0800 587 2112 www.ubs.com/retailfunds Authorised Inv Funds OEIC Global Emerg Mkts Eqty B Acc

£

1.40

-

0.00 1.49

Global Optimal B Acc

£

1.02

-

-0.02 0.80

UBS UK Opportunities Fund B Acc £

0.91

-

-0.02 2.54

US Equity B Acc

£

1.50

-

-0.02 0.27

UBS Asian Consumption Fund - B Acc £

0.59

-

0.00 0.45

UBS S&P 500 Index C Acc

£

0.53

-

-0.01

£

1.29

-

0.00 1.12

52.08

-

-0.37 3.26

490.40 516.20 -4.50 1.06

Managed Investments OEIC 2

232.80 245.10 -1.90 4.33

Investments Inc Port Inc Ret

170.00

-

0.30

-

Nippon Growth Fund Limited

¥ 104453.00

-

2141.00 0.00

UBS Targeted Return B Acc

US Growth

155.10 163.10 -2.60 0.00

Investments Inc Port Inc X

154.00

-

0.30

-

Strat Evarich Japan Fd Ltd JPY

¥ 93229.00

-

-2277.00 0.00

UBS Sterling Corporate Bond Indexed Fund

£ Gov Bond Inc Inst

176.90

-

0.40

-

Strat Evarich Japan Fd Ltd USD

$ 930.23

-

-22.52 0.00

UBS Multi Asset Income B Inc (net) £

0.51

-

-0.01 3.68

Strat Bond Inc Inst

188.60

-

0.20

-

UBS UK Equity Income B Inc Net £

0.41

-

-0.01 4.68

Corporate Bond UK Plus B Inc Net £

0.54

-

0.00 4.00

UBS Global Allocation (UK) B Acc £

1.11

-

-0.01 1.56

Additional Funds Available Please see www.cis.co.uk for details

Managed Investments OEIC 3 (UK)

Balanced Acc

354.70

-

-2.20 1.25

Balanced Inc

288.10

-

-1.80 1.26

Equity Income

329.90

-

-3.60 3.92

Extra Income

108.30

-

0.20 3.06

FTSE 100 Tracker Special 1

297.80

-

-3.90 3.04

FTSE 100 Tracker Special 3

206.40

-

-2.70 2.80

FTSE 100 Tracker Standard

281.70

-

-3.70 2.56

Growth

315.10

-

-3.40 1.93

High Yield

125.50

-

0.10 3.51

International Growth

417.60

-

-5.30 0.66

167.10

-

-1.00 1.40

151.00

-

-0.20 0.50

European Income Acc EUR

€ 11.86 11.86 -0.08

Balanced Growth

147.00

-

-0.30 0.70

Financial Opps I USD

$ 12.22

-

-0.16 1.91

Cautious Growth

135.20

-

-0.10 1.20

GEM Growth I USD

$

9.55

-

-0.12 0.00

Income

123.40

-

-0.10 2.20

GEM Income I USD

$ 10.75

-

-0.13 0.00

Capital Protected Accelerator Fund 2

125.30

-

3.00 0.00

Global Alpha I USD

$ 12.98 12.98 -0.22 0.00

Capital Protected Accelerator Fund 3

117.10

-

2.90 0.00

Global Convertible I USD

$ 11.48 11.48 -0.08 0.00

Capital Protected Fund 4

133.90

-

3.20 0.00

Global Insurance I GBP

£

3.82

-

-0.06 0.00

Capital Protected Fund 6

172.20

-

0.00 0.00

Global Technology I USD

$ 22.47

-

-0.45 0.00

Your Portfolio Fund II Class 1

112.50

-

-0.10 0.90

Your Portfolio Fund II Class 2

112.30

-

0.00 1.00

-0.39 0.00

Your Portfolio Fund III Class 1

118.90

-

-0.30 0.90

1.68 -0.02 0.00

Your Portfolio Fund III Class 2

118.80

-

-0.30 1.10

Japan Alpha I JPY

¥ 199.83 199.83 0.10 0.00

Your Portfolio Fund IV Class 1

125.00

-

-0.60 0.80

Japan I JPY

¥ 2008.49

Your Portfolio Fund IV Class 2

124.70

-

-0.70 1.10

E.I. Sturdza Funds PLC

(IRL)

Div Inc Port Inc Ret

173.60

-

-1.80

-

Regulated

Corp Bond Acc Inst

215.40

-

0.40

-

Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1113.08

-

-6.86 0.00

UBS Global Enhanced Equity Income C Inc £

0.49

-

-0.01

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1304.55

-

-7.85 0.00

UBS US Growth Fund B Acc

£

1.46

-

-0.02 0.00

UBS Emerging Markets Equity Income B Inc £

0.43

-

0.00 5.08

€ 25.40

-

-51.15 0.00

Multi-Manager OEIC Bal Intl Track Acc Ret

270.70

-

-1.80

-

Nippon Growth (UCITS) Fund JPY Class A shares ¥ 101949.00

-

-617.00 0.00

Bond Mthly Inc Acc Ret

144.30

-

0.30

-

Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 85514.00

-

-518.00 0.00

Bond Mthly Inc Inc Ret

94.22

-

0.23

-

Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 83068.00

-

-503.00 0.00

Unicapital Investments

Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 55165.00

-

-333.00 0.00

Regulated

Santander Asset Management UK Limited (1200)F (UK)

A Shares

Strategic China Panda Fund USD $ 2269.19

-

-13.81 0.00

-

-13.57 0.00

Investments IV - European Private Eq. € 307.74 323.13 0.00

Strategic China Panda Fund Hedged Sterling £ 2238.48

-

-13.53 0.00

Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00

Strategic Euro Bond Accumulating Class CHFSFr 1020.60

-

-0.27 0.00

-

-0.50

-

Strategic Euro Bond Institutional Class EUR € 1036.54

-

-0.21 0.00

154.70

-

-0.20

-

Strategic Euro Bond Fund Accumulating Class Shares € 1164.83

-

-0.25 0.00

Pacific Bas (ex-Japan)

549.30

-

-2.40

-

Strategic Euro Bond Fund Distributing Class Shares € 1065.05

-

-0.23 0.00

UK Growth A Inc

Sterling Bonds

266.80

-

0.50

-

Strategic Global Bond RMB Acc CNY 1079.52

-

0.24 0.00

Mastertrust A Inc

UK Equities

262.90

-

-2.90

-

Strategic Global Bond USD Acc

$ 1058.35

-

1.79 0.00

UK Growth B Inc

US Equities

265.40

-

-4.90

-

Strategic US Momentum and Value Fund $ 841.17

-

-13.74 0.00

Mastertrust B Inc

Strategic US Momentum and Value EUR Hedged Class EUR € 586.64

-

-9.58 0.00

Outstanding British Cos A Acc

Strategic US Momentum and Value CHF Hedged Class CHFSFr 582.63

-

-9.55 0.00

Outstanding British Cos B Acc

-

-2.40

-

Saracen Fund Managers Ltd (1000)F

Taube Hodson Stonex Ptnrs UT (1200)F

Saracen Growth Fd Alpha Acc

£

3.48

-

-0.04 1.01

50 Bank Street, Canary Wharf, London E14 5NT Admin: 50 Bank Street, Canary Wharf, London E14 5NT Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds THS Growth & Value Funds

Saracen Growth Fd Beta Acc

£

5.53

-

-0.07 1.52

International

Saracen Global Income & Growth Fund A - Acc £

1.21

-

-0.02 2.81

IGV - Inc A

338.90

-

-2.60 1.78

Saracen Global Income & Growth Fund A - Dist £

1.14

-

-0.03 2.87

IGV - Inc B

337.40

-

-2.50 1.06

(UK) 19 Rutland Square, Edinburgh EH1 2BB Dealing: 00 353 1 603 9921 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Authorised Inv Funds

(UK)

-

Unicorn Asset Management Ltd

275.90

548.50

Buying price: Also called offer price. The price at which units in a unit trust are bought by investors. Includes manager’s initial charge. Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Treatment of manager’s periodic capital charge: The letter C denotes that the trust deducts all or part of the manager’s/operator’s periodic charge from capital, contact the manager/operator for full details of the effect of this course of action. Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details. Time: Some funds give information about the timing of price quotes. The time shown alongside the fund manager’s/operator’s name is the valuation point for their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit trust/OEIC name. The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to midnight. Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available.Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation. The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing basis. The managers/operators must deal at a forward price on request, and may move to forward pricing at any time. Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation. Investors can be given no definite price in advance of the purchase or sale being carried out. The prices appearing in the newspaper are the most recent provided by the managers/operators. Scheme particulars, prospectus, key features and reports: The most recent particulars and documents may be obtained free of charge from fund managers/operators. * Indicates funds which do not price on Fridays. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact [email protected] or call +44 (0)20 7873 3132 for further information.

£ 112.79

(LUX)

Zebedee Capital Partners LLP

(CYM)

Regulated

Money Market Trusts and Bank Accounts Gross Net

Gross AER Int Cr

CCLA Investment Management Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET CBF Church of England Deposit Fund 0.50 - 0.50 Qtr

CCLA Fund Managers Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET COIF Charities Deposit Fund 0.45 - 0.45 Qtr

Data Provided by

www.morningstar.co.uk Data as shown is for information purposes only. No offer is made by Morningstar or this publication.

Asset Management

Japan Equities

Pacific Bas (ex-Japan)

Selling price:Also called bid price. The price at which units in a unit trust are sold by investors.

(LUX)

Strategic China Panda Fund Hedged EURO € 2207.92

Europe (ex-UK)

B Shares

Different share classes are issued to reflect a different currency, charging structure or type of holder.

-

Investments III

Asset Management

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Authorised Inv Funds Santander Premium Fund (OEIC)

OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure.

-

UK Growth UK Income With Growth

Adventurous Growth

3.71 0.00

-0.52 3.83

-

-0.70

Stakeholder Investment

-

-

-1.00

$ 304.45 304.45 -2.67 0.00

-

£ 157.49

Renminbi Bond Fund SGD Class S$ 155.18

-

$ 18.45 18.45 -0.01 0.00

-

Renminbi Bond Fund GBP Class

-

-

Asian Financials I USD

Healthcare Blue Chip Fund I USD Acc $ 10.80 10.80 -0.11

-

169.60

Biotechnology I USD

-

-3.17 3.79

219.00

PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 Authorised Inv Funds

-

-2.49 0.92

-

Max 60% Shs Port Inc X

-

-

-

258.45

Max 60% Shs Port Inc Ret

6.62 -0.16

Platinum Navigator Fund Ltd Class A (Est) $ 93.30

178.29

Trojan Income O Acc

0.00 1.72

Platinum Essential Resources UCITs Fund $

Platinum Maverick Enhanced Fund Limited (Est) $ 100.36

Trojan Capital O Inc

-0.53 3.58

-1.30 0.76

Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 84.00

-

-42.93 0.00

-

-

RBS Collective Investment Fds Ltd

-

-

-

Platinum Global Dividend UCITS Fund $ 75.45 75.45 -0.74 6.60 -

¥ 13040.67

1.58

Zadig Gestion (Memnon Fund) Memnon European Fund I GBP

$ 162.35

0.51

Guide to pricing of Authorised Investment Funds (compiled with the assistance of the IMA. The Investment Management Association, 65 Kingsway, London WC2B 6TD. Tel: +44 (0)20 7831 0898.)

FCA Recognised

Renminbi Bond Fund YEN Cls B

170.10

-

(UK)

Renminbi Bond Fund USD Class

Managed Investments OEIC

Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (not all funds update prices daily). Those designated $ with no prefix refer to US dollars. Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses. Prices of certain older insurance linked plans might be subject to capital gains tax on sales.

(IRL)

UK Specialist Equity Income Fund £ 10.06

Global Multi-Asset - Inst Acc

-

(GSY)

Yuki International Limited

Glob Em Shs Port Acc Ret

1.66 0.00

$ 117.32

4.77 0.00

The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds. The funds published on these pages are grouped together by fund management company.

(IRL)

-

1.35 0.00

Other International Funds

Regulated TreeTop Convertible Sicav

European Multi-Sector

Stenham Credit Opportunities A Class USD (Est) $ 106.20

-

The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For other queries contact [email protected] +44 (0)207 873 4211.

Regulated

2.41

-

Platinum Capital Management Ltd

(LUX)

WA Fixed Income Fund Plc

-

-

Oryx International Growth Fund Ltd

TreeTop Asset Management S.A. -

The fund prices quoted on these pages are supplied by the operator of the relevant fund. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision.

(CYM)

Regulated

$ 134.94

$ 93.17

2.00 0.00

Toscafund

Stenham Asset Management Inc

Optima Discretionary Macro Fund Limited $ 88.27

1.05 0.00

-0.20 1.58

-

Euro Short-Term Inst Acc

-1.36 0.00

-

167.20

0.05 0.00

-

119.20

Santander Atlas Port 7 Acc Inst

-

-

-1.06 0.04

Global Yield B Acc F

0.87 0.00

€ 13.76

$ 48.14

-

-0.23 0.00

Euro Real Return - Inst Acc

SFr 502.63

£ 281.37

-

-

Pictet-CHF Bonds I CHF

-0.77 0.46

Veritas Asian Fund B GBP

-

-0.26

Pictet-Brazil Index I USD

-

0.00 0.58

0.26 0.00

-

-1.80 0.00

$ 218.15

-

-

VT Odey Total Return Fund Class I $ 108.47

-

Veritas Asian Fund B USD

1.02

£

$ 1812.57

-3.66 0.00

$ 860.87

0.20 0.59

Winton Evolution USD Cls F

-

Pictet-Biotech-I USD F

-10.00 0.37

S & W Magnum

6.97

-

Global Fixed Income D Inc F

S & W Marathon Trust

$

Retail 103.30

Global Fixed Income D Acc F

-

$ 203.00

1.68

-

(UK)

Tel 0870 870 8434 Authorised Inv Funds

-2.00

US Premium Equities (USD)

Income Opportunities B2 I GBP Acc £

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds

The Resolution Fund (1200)

-

0.01 0.00

-0.97 0.00

MENA UCITS Fund *

211.40

-

-

0.81 3.91

6.40 0.00

-2.90 0.00

Santander Atlas Port 7 Acc Ret

Euro Low Duration Fund Inst Acc € 11.46

Pictet-Asian Local Currency Debt-I USD F $ 153.16

-1.45 4.54

-

-

0.20 3.88

-

0.67 0.00

-

$ 38.62

-

Veritas Global Equity Income Fund A EUR € 220.01

$ 1366.90

TNI Funds Plc (Ireland)

-

149.10

-

-0.25

Healthcare Opps I USD

Veritas Global Equity Income Fund A GBP £ 153.15

46.25 0.00

£ 124.09

-

-0.94 0.00

-0.26 0.00

-

Winton Futures GBP Cls F

VT Odey Total Return Fund Class R $ 105.09

-

-

$ 1012.08

www.stenhamassetmanagement.com Other International Funds

-3.32 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 223.57

0.05 0.00

Veritas Global Focus Fund C USD $ 26.41

MENA Hedge Fund

-

-

-0.03 0.00

-0.33 0.00

-

-0.02 0.00

-1.20

€ 181.18

-

-

Veritas Global Focus Fund C EUR € 25.14

-

-

US Premium Equities (EUR)

€ 205.22

Veritas Global Focus Fund C GBP £ 29.70

AED 10.59

TNI Funds Ltd (BMU)

165.50

0.57 0.00

Pictet-Agriculture-I EUR F

-0.25 2.31

Santander Atlas Port 6 Acc Inst

-

0.04 0.00

-

-0.10 0.00

Euro Long Average Duration - Inst Acc € 24.21

-0.27 0.00

0.03 2.03

Veritas Global Focus Fund A USD $ 24.40

www.tni.ae Other International Funds

0.52 0.00

-

-

-0.30 2.19

-

-

-0.23

-

-

Veritas Global Focus Fund A EUR € 14.00

£ 321.70

-

€ 125.78

Veritas Global Focus Fund A GBP £ 27.52

Winton Futures GBP Cls D

VT Odey Total Return Fund Class R £ 105.91

€ 107.52

-0.32 2.40

-

-0.06 0.00

Pictet-Absl Rtn Glo Div-I EUR F

0.06 2.56

-

-1.50

-

Pictet-Absl Rtn Fix Inc-HI EUR

-

Veritas Global Focus Fund D GBP £ 28.52

-

€ 56.38

15, Avenue J.F. Kennedy L-1855 Luxembourg Tel: 0041 58 323 3000 FCA Recognised

Veritas Global Focus Fund D EUR € 24.04

0.00 0.00

192.90

New World Financials (EUR)

(LUX)

0.00 0.00

-

Santander Atlas Port 6 Acc X

0.30 0.00

Pictet Funds (Europe) SA

-

1.26

1.10 0.00

-

-0.85 0.00

1.04

¥

0.96 0.00

€ 138.58

-

¥

Japan Equity Class JP3

2.16 0.00

Lux -O- Rente (EUR)

$ 157.82

Japan Equity Index Fund

-

0.00 0.00

Jubilee Absolute Return Fund

-0.25 2.75

-

0.05 0.00

5.49 7.88

-

€ 294.58

-

-

Veritas Global Focus Fund D USD $ 25.31

$ 1049.65

-

$ 405.85

0.00 0.00

Winton Futures EUR Cls C

€ 13.23

Fixed Income Holdings N.V.

-

Winton Futures USD Cls B

€ 15.07

-22.44 0.00

1.31

-

Euro Income Bond - Inst Acc F

-

Gbl Govt Bond (ex Japan) Class JP4 ¥

-2.10

Euro Credit - Inst Acc

$ 4233.05

-1.51 4.52

-

-

Macro Holdings Ltd

-

270.20

-

127.18 0.00

Veritas Global Equity Income Fund D GBP £ 159.49

Santander Atlas Port 6 Acc Ret

0.00

-

0.00 0.00

Other International Funds

-0.24

$ 5529.01

-

-

-

Investment Holdings N.V.

1.34

-0.80

-

Permal Investment Mgmt Svcs Ltd

¥

-

VT Odey Total Return Fund Class I € 100.00

6.62

0.84 3.89

Gbl Govt Bond (Ex Japan) Index

165.20

VT Odey Total Return Fund Class I £ 105.20

Platinum All Star Fund - A (Est)

-

Santander Atlas Port 5 Acc Inst

-0.40 0.00

0.04 0.00

-

Veritas Global Equity Income Fund D EUR € 226.03

Winton Capital Management

-0.39 0.00

-

Veritas Global Equity Income Fund D USD $ 123.63

-

-

5.48

-0.02 0.00 -0.02 0.00

-0.90

-

£

-

-

€ 125.51

NAV (Fully Diluted)

1.57 1.44

195.20

High Yield Bonds (EUR)

Other International Funds

-1.08 4.60

¥

Santander Atlas Port 5 Acc Ret

Glob.Consumer Trends Equities (EUR) € 156.70

2.27 0.00

Global Eq (ex Japan) Class JP5

Global Eq Ex Japan Index Fund (Hedge) ¥

-

0.13 0.00

-

-0.28 0.00

-

-

Orbis Global Equity - Investor Shares € 161.01

-0.29 0.00

-

-0.60

€ 23.35

0.02 0.00

-

€ 131.29

-0.50

Euro Bond - Inst Acc

-0.03 0.00

£ 135.32

Veritas China Fund A EUR

-

-

-

Veritas China Fund A GBP

-0.03 0.00

-

-0.24

-

-0.02 0.00

-

165.60

-

€ 28.51

-

1.44

132.50

VT Odey Total Return Fund Class A € 110.26

Orbis Japan Equity (Euro)

1.39

¥

Santander Atlas Port 4 Acc Inst

-0.11 0.00

Orbis Asia ex-Japan - Investor Shares $ 22.16

¥

Global Eq (ex Japan) Class HJ4

Santander Atlas Port 4 Inc Ret (LUX)

-

-

Global Eq (Ex Japan) Index Fund

-

Emerging Markets Curr.Fd- Inst Acc $ 12.13

¥ 4311.00

-0.26 0.00

-

-

Orbis Japan Equity (Yen)

-

0.00

-0.23

Regulated

$ 133.19

-0.60

-

(LUX)

Veritas China Fund A USD

-

-

VT Odey Total Return Fund Class A £ 103.61

Orbis Sicav

2.91 0.00

-

€ 108.20

*Orbis Prices as of March 5th

-

182.80

Flex-o-Rente (EUR)

0.02 0.00

£ 1556.62

163.60

Emerging Markets Equities (EUR) € 163.72

-

3.06 0.40

Gilt

Santander Atlas Port 4 Acc Ret

-0.02 0.00

$ 44.09

-

Santander Atlas Port 3 Acc Inst

-

Orbis Japan Equity (US$)

€ 340.14

-0.03 0.00

Emerging Markets Corp.Bd Fund Inst Acc F $ 13.12

1.00 0.00

-

Veritas Asian Fund A EUR H

-0.10 0.00

Authorised Funds

-

£ 381.94

3.48 0.00

-

Odey Wealth Management UK

¥ 1067.00

Veritas Asian Fund A GBP H

-

-

-0.21 0.00

Orbis Optimal (Yen)

-0.26 0.00

£ 1583.18

-

-

0.06 0.00

-1.45 0.48

-

UK Corporate Bond

-

Emerging Markets Bond - Inst Acc $ 38.25

0.09 0.00

-1.06 0.65

0.00

-

-

-

0.00

€ 195.63

-

$ 310.53

-

Em Stars Equities (EUR)

€ 25.66

Veritas Asian Fund A USD H

-

-0.15 0.00

$ 74.53

(IRL) Veritas Asset Management LLP HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland Veritas Funds Plc www.veritas-asset.com +353 1 635 6799 FCA Recognised Institutional

Gbl Govt Bond (Ex Japan) Index (GBP) £ 1602.95

The National Investor (TNI)

Guide to Data

-0.02 0.00

104.40

-

Orbis Optimal (Euro)

-

149.30

$ 11.78

Orbis Optimal (US$)

(IRL)

Santander Atlas Port 3 Acc Ret

-

-0.26 0.00

Value Partners Classic Equity USD Hedged $ 13.68

+/- Yield

Santander Atlas Port 3 Inc Ret

-

-

(IRL)

Regulated

TNI Blue Chip UAE Fund *

Daiwa Equity Fund Series

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Authorised Funds Santander Atlas Range

The Hartford International Funds

Offer

124.80xd

Mthly Div US Preferred Secs

Santander Asset Management UK Limited (1200)F (UK)

Continental

Bid

Fixed Interest Trust A Class

Monthly Dividend High Yield (LUX)

-

Fund

-0.05 0.00

€ 82.34

$ 179.13

-

Regulated

RobecoSAM

+/- Yield

Global Gold and Resource Trust A Class

Bridge Fund

RECM Global Fund Limited - Class A $ 17.20

€ 142.67

Orbis Global Equity

(LUX)

SMT Fund Services (Ireland) Limited

(GSY)

www.recmglobal.com Enquiries: [email protected] Regulated

Chinese Equities (EUR)

$ 12.33

-

488.51 506.79 -4.09 2.25

Recovery Acc

Asia-Pacific Equities (EUR)

Global Advantage - Inst Acc

€ 310.25

PO Box 9948, Chelmsford, CM99 2AG Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Authorised Inv Funds

-0.12 0.00

Global Advantage Real Return Fund Inst Acc $

The Charlemagne Fund EUR

(CYM)

(UK)

-

Emerging Local Bond - Inst Acc

9.91

S W Mitchell Capital LLP

SWMC European Fund B EUR

-2.26 0.00

€ 169.73

Pictet-Premium Brands-I EUR F

(JER)

8.50

Regulated

-

353.43

-

Emerging Multi-Asset Fund Inst Acc $

(BMU)

-0.70

382.97

-

-0.08 0.00

Orbis Investment Management Ltd

-

Equity & General C Inc

162.26

-

0.00 0.00

108.10

Equity & General C Acc

163.44

9.81

0.16 0.00

CVG - Acc X

-1.20 0.00

Global Total Fd PCG B

Emerging Asia Bond Fund Inst Acc $

-

-

-

Global Total Fd PCG A

-0.19 0.00

-

-0.70

231.10

-1.03 0.00

-

$ 17.26

-

Managed Growth

-

EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.30

$ 14.77

108.10

-6.89 0.00

$ 110.83

Pictet-India Index I USD

Coolsingel 120, 3011 AG Rotterdam, The Netherlands. www.robeco.com/contact FCA Recognised

Optima Partners Focus Fund A

CVG - Acc S

£ 126.03 131.12 0.65 2.77

-6.95 0.00

-0.99 0.00

-0.05 0.00

Optima Partners Global Fd (Est)

-2.70 0.25

-

-

-

-

-2.70

-

-

Pictet-High Dividend Sel I EUR F € 160.30

Diversified Income Durat Hdg Fund Inst Acc $ 11.54

$ 52.93

-

268.50

77.46

-2.99 0.00

Robeco Asset Management

Platinum Japan Fd Ltd (Est)

268.50

EGV - Acc Z

76.84

-

-0.02 0.00

Optima Fd NAV (Est)

EGV - Acc S

Other International Funds Indirect Real Estate SIRE

Offer

European

Schroder Property Managers (Jersey) Ltd

CF Ruffer Gold Fund O Acc

$ 472.15

Pictet-Greater China-I USD F

-0.03 0.00

0.15 0.00

www.valuepartners.com.hk / [email protected] Regulated

CF Ruffer Gold Fund C Acc

(UK) 40 Dukes Place, London EC3A 7NH Order Desk 08459 220044, Enquiries: 0870 607 2555 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers

-

-

-3.10 1.04

(UK) Scottish Friendly Asset Managers Ltd Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Authorised Inv Funds

Purisima Investment Fds (UK) (1200)F

-

JENOP Global Healthcare Fund Ltd $ 16.18

-

-0.40 2.74

-2.23 0.00

$ 19.65

Other International Funds

Value Partners Hong Kong Limited

404.80

-

-0.47 0.00

-

Diversified Income - Inst Acc

Optima Fund Management

-3.30 1.74

IGV - Acc Z

. For Save & Prosper please see Countrywide Assured

416.20

-

Pictet-Global Emerging Debt-I USD F $ 351.47

Credit Absolute Return Fund Inst Acc $ 11.46

101.57 0.00

-3.10 1.29

-

Far Eastern Income and Growth Trust A Class

Pictet-Global Emerging Currencies-I USD F $ 97.81

1.61 0.00

-

-

434.90

1.70 1.31

1.56 0.00

$ 979.15

406.80

IGV - Acc Y

-

-

Estimated NAV

IGV - Acc X

-0.03 3.26

509.30

-

Other International Funds

-0.03 3.17

European Growth Trust A Class

7.32

Omnia Fund Ltd

Bid

2.14 0.00

$ 14.83

-0.18 0.00

Fund

-

Capital Securities Inst Acc

-

+/- Yield

€ 167.49

Pictet-Global Bonds-I EUR

CommoditiesPLUS111sp Strategy - Inst Acc $

€ 226.22

40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0845 601 9610 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers

Offer

-0.47 0.00

1.75 0.00

Odey Opportunity EUR I

(UK)

Bid

-

1.58 0.00

www.odey.com/prices FCA Recognised

Ruffer LLP (1000)F

Fund

Pictet-Global Bds Fundamental I USD $ 119.75

$

(IRL)

+/- Yield

25 Moorgate, London, EC2R 6AY 020 7131 8100 www.sandwfunds.com Authorised Inv Funds

Asia Local Bond Fund - Inst Acc

Odey Wealth Management (CI) Ltd

-

(GSY)

€ 178.81

-

-6.44

Private Fund Mgrs (Guernsey) Ltd

€ 137.69

€ 247.04

-

$ 1447.16 1465.25 -13.52 0.00

Polunin Small Cap

Offer

CF Ruffer Investment Funds

Pictet-Europe Index-I EUR F

Pictet-European Sust Eq-I EUR F

-

(CYM)

Pictet-Euroland Index IS EUR

Pictet-European Equity Selection-I EUR F € 640.70

+/- Yield

(UK) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Authorised Inv Funds 368.04

-

-2.27 0.00

355.09

-

-1.68 0.00

369.34

-

-2.26 0.25

318.92

-

-1.50 0.40

F

235.84

-

0.02 0.46

F

245.08

-

0.03 1.18

F

F

UK Smaller Cos A Inc

F

400.63

-

-2.17 0.09

UK Smaller Cos B Inc

F

392.71

-

-2.12 0.83

UK Income A Acc

F

250.08

-

-0.26 6.07

UK Income A Inc

F

230.87

-

-0.24 6.32

UK Income B Acc

F

264.13

-

-0.27 6.03

UK Income B Inc

F

243.95

-

-0.25 6.28

Asset Management

★

32

FINANCIAL TIMES

Thursday 12 March 2015

MARKETS & INVESTING INSIGHT

Currencies

Manfred Schepers

Eastern Europe feels dollar’s strength

EU needs more equity finance and less debt to move forward

E

uropean growth is being held back by the inability of small and medium-sized businesses to benefit from the efficiencies of the single market and currency. Growth and employment will come from mid-cap companies that can innovate and compete to become Europe’s new multinationals. To finance this growth, Europe needs to be able to provide them with equity capital, not just debt. To achieve this, the EU should create a new direct equity investment capacity that leverages institutional investment and complements existing EU institutions. The dependence of EU SMEs on debt finance, and the lack of equity finance, was highlighted in a recent report by the Association for Financial Markets in Europe. It is therefore surprising that the agenda to foster growth is so focused on debt instruments. While the bond and credit markets have been the eurozone’s heroes and villains (helping growth but also contributing to the financial crisis), its equity markets have not been able to reflect the EU’s economic potential. The market capitalisation of EU-listed equity markets is about 50 per cent of the US, with a similar GDP. Equity market liquidity has improved for large European companies and institutional investors, but there has been a big drop in liquidity for eurozone mid-cap equities. This is mainly due to the fragmentation and home bias of EU equity markets as there are still more than 20 individual stock exchanges. Also, brokers and institutional investors have shifted to European large-cap sector-based research and liquidity, withdrawing from the local midcap sectors. This demise of the eurozone mid-cap equity markets lies at the heart of the lack of growth investment. Compare it with the US, where economic growth mostly comes from the near and post-IPO corporate sectors. As the AFME report shows, US IPO volume, and private equity and venture capital funds raised, were more than Growth must double those for the EU in 2013. Moreover, large Euro- come from the pean companies have adopted stock exchanges governance and reporting standards that attract pan-EU and market and global institutional invesparticipants tors, while many mid-caps have been stuck in domestic markets, which is reflected in their governance. The growing private equity industry has been focused on acquiring ownership of larger mid-cap companies. Its business model mainly relies on leverage and control rather than being a minority investor. This lack of pre-IPO mid-cap, growth equity capital is a market failure the EU Commission should tackle. Fortunately, there is neither a demand nor a supply-side problem. Most unlisted mid-caps would welcome minority growth capital, and global institutional investors would welcome the chance to invest in large pan-European growth equity funds. Such funds do not exist at present as listed mid-cap markets are too illiquid and fragmented, and private equity funds are not focused on this segment. The EU Commission should focus on the intermediation channels. The key building blocks are there: the capital markets union agenda and the Junker Plan (which over three years will provide €21bn in guarantees to raise €315bn in private funds to invest in new projects) are focused on EU investment and growth. Addressing the fragmentation and depth of the EU midcap listed equity markets will require targeted regulatory reform, but ultimately growth will need to come from the stock exchanges and market participants themselves. Similarly, private equity funds will only focus on this market segment if the operating model and expected returns can be justified, which is unlikely in the near-term. This provides the opportunity for a direct equity investment facility that can provide listed and unlisted mid-cap growth equity capital across the EU, not bound or governed by national interests but focused on individual growth opportunities across Europe. It will require a business model that complements existing institutions such as the European Investment Bank, European Bank for Reconstruction and Development, and national agencies. It should be designed to enable a new public-private partnership model to overcome the costs of regionally devolved investment capabilities, while providing the prospect of attractive pooled investment returns. Manfred Schepers is senior adviser and former CFO at the European Bank for Reconstruction and Development

Eurozone monetary policy easing adds to travails of five nations ROGER BLITZ

Poland, the Czech Republic and its near neighbours suffered dual currency headwinds brought on by the strength of the dollar and the eurozone’s quantitative easing programme. The dollar rose 0.7 per cent against the Polish zloty and by 1.5 per cent against the Czech crown, in both cases taking the dollar to 11-year highs. Also suffering were the Bulgarian lev and the Romanian leu, down more than 1 per cent, while the Hungarian forint held steady but has lost more than 4 per cent since Friday. The aftermath of Friday’s strong US

jobs data and the expectation of monetary tightening by the US Federal Reserve has already hit emerging market currencies such as the Turkish lira, the South African rand and Brazil’s real. But in central and eastern Europe, where countries look nervously over their shoulders at the risks to their economies from tensions between Russia and Ukraine, currency volatility is also being stirred by the start this week of the European Central Bank’s quantitative easing programme. Stability in Poland, which has GDP growth of about 3 per cent a year and a shrinking fiscal deficit, has been helping the zloty perform well, enabling it to ride out the knock-on effects of Switzerland abandoning its currency peg in January. But like other CEE countries, Poland

is affected by the spiral of deflation working its way across Europe. It has strong trade links with Germany, and according to Piotr Matys, currency analyst at Rabobank, its prospects are dependent on the revival of the eurozone. “All this massive ECB stimulus should drive economic activity and translate to stronger growth in the CEE. Countries like the Czech Republic and Hungary rely on external demand,” he said. But more competitive eurozone exporters will put pressure on currencies in the CEE and may force the Polish central bank to cut interest rates “to stop the zloty from appreciating quite substantially”, Mr Matys added. A senior official in Hungary’s economy ministry said there was scope for

3% GDP growth a year in Poland which has a shrinking fiscal deficit

27 Level Czechs are committed to keeping the crown no higher than against the euro

the country’s national bank to cut base rates at its next meeting on March 24. The base rate stands at 2.1 per cent, and Hungary has an inflation rate of -1.0 per cent. The central bank of the Czech Republic is committed to a policy of keeping the crown no higher than 27 to the euro, despite criticism from the country’s president. The crown was trading flat at just above 27. The best hope for central banks in CEE countries is to try to slow down currency appreciation, said Mr Matys. “But they are facing a battle with the ECB that they can’t win,” he said. “They can only do as much as they can, like cut interest rates, but their room for manoeuvre is looking limited.”

Analysis. Currencies

Weakened renminbi settles into reverse gear Fall to a 28-month low creates concerns over bumpy end to multiyear carry trade

China has responded to US easing $tn

JOSH NOBLE — HONG KONG

In a world convulsed by the rising US dollar, the renminbi looks like a haven. The Chinese currency has slipped just under 1 per cent against the dollar this year, a mere rounding error compared with the Brazilian real’s 14 per cent tumble and the euro’s 12 per cent slide. But for a currency long seen as lacking a reverse gear, a recent drop to a 28month low is nonetheless gaining attention, with some predicting far more severe problems down the road. Expectations of more depreciation are becoming firmly entrenched, even after China posted record trade surpluses in January and February. Such surpluses typically result in upward pressure on the renminbi, as exporters convert their dollar earnings into the local currency. The current slide is not a re-run of last year’s brief, unforeseen dip. Exactly a year ago, the People’s Bank of China appeared to engineer a weaker renminbi, which analysts said was designed to spook currency speculators with leveraged bets on one-way appreciation. Having shaken the trees for a couple of months, the central bank then stood back as the currency rebounded over the summer, returning to its decadelong upward path. But since late October, the renminbi has been falling again, losing 2.2 per cent against the dollar. This time the move seems driven by the market, not the PBoC, meaning that few expect any imminent change in course. Some analysts expect the trend to accelerate. Kevin Lai, chief Asia economist at Daiwa Securities, sees serious trouble brewing as the multiyear carry trade of borrowing cheaply in US dollars and investing in China comes to a bumpy end. He estimates that Chinese companies have borrowed more than $2tn over the past few years, much of it used for currency speculation — a gamble that will no longer pay off once the US Federal Reserve raises interest rates. “The renminbi is the most overcrowded trade in financial history,” he says. “If the renminbi moves down another 5 per cent, it’s going to be a big deal. It could spark a lot of selling and market panic.” A survey by Société Générale failed to

5

Fed monetary base PBoC monetary base QE3

4

QE2

3

QE1

2 1

2005 07

09

11

13

Currency mismatch for Chinese debt China debt by currency (%) Other

Euro 0.7 US dollar

4

24.8 70.5 Renminbi Sources: Daiwa; Morgan Stanley

Slippery slope: Expectations of further depreciation of the renminbi are becoming firmly entrenched — AP

find anyone who thought the renminbi would rise against the dollar in the coming 12 months, while 42 per cent of respondents believed that the PBoC would “actively seek depreciation” of the currency in response to declines in the yen and the euro. Chinese companies themselves appear to agree. Data released last week showed that foreign exchange deposits in China rose at the fastest pace on record in January, a sign that corporations are choosing to hold on to their US dollar earnings in anticipation of a continued slide in the renminbi. Overall forex deposits rose $82.3bn during the month, compared with an increase of $134bn for the whole of 2014. “Such a massive jump in forex deposits is unprecedented and highly significant,” say Barclays analysts in a report. “We remain of the view that China will accommodate further currency weakness in a gradual fashion.” Corporate debt is also playing an

important role. As the renminbi has fallen, fears have grown of a potential currency mismatch on outstanding offshore bonds and loans. Mainland companies have borrowed heavily in the dollar debt markets over the past few years, much of it short term. About a quarter of China’s outstand-

Fears have grown of a potential currency mismatch on outstanding offshore bonds and loans ing corporate debt is denominated in US dollars, according to Morgan Stanley, compared with just 8.5 per cent of revenue. The bank says exposure to the rising dollar in certain sectors is “significant”, picking out China’s real estate developers and material producers in particular. Pending dollar interest payments are

another reason to hold or buy greenbacks. Investment outflows have also been accelerating. In the fourth quarter of last year, $91bn flowed out of China, up from $56.7bn in the previous quarter. As the prospect of a US rate rise by the Fed draws nearer, even more “hot money” is expected to flee emerging markets and seek a home in dollar assets. China is not immune, despite its tightly managed currency controls. Meanwhile China’s economic picture — exports aside — remains cloudy. The country’s growth target was officially lowered to “around 7 per cent” last week, while two rate cuts since November indicate increased unease among policy makers over the threat of deflation. Deutsche Bank’s Zhang Zhiwei warns that risks are rising of a “mini hard landing” this year, as monetary policy fails to counter stalled growth.

Commodities

Trading room

Less call for jewellery in China hits platinum

Insurance for clearing houses underwritten

HENRY SANDERSON

Platinum, a precious metal used for jewellery and vehicle catalysts, is trading at is lowest levels since 2009 on the back of weak investor buying and slower demand from China. Global demand for platinum fell 7 per cent last year, according to a report by the World Platinum Investment Council, a newly formed industry body. Total investment through exchange traded funds fell 76 per cent even as Standard Bank launched the second ETF product for the precious metal, it said. That has hit shares of the world’s platinum producers with shares in UKlisted Lonmin falling to their lowest level in 17 years yesterday. The world’s largest platinum producer Anglo American Platinum is down more than 7 per cent this year.

Chinese platinum consumption fell 1.3 per cent last year, the WPIC said. The country consumed more platinum jewellery than the US, western Europe, Japan, India and the rest of the world combined, its data show. “State-reported wedding receptions were down by 3 per cent year-on-year and jewellery demand was impacted by lower store footfall associated with a weakened gold market and bans on non-personal gift-giving,” it said. China is in the middle of an anticorruption campaign that has sought to limit official spending. The use of platinum vehicle catalysts is heavily dominated by Europe due to the higher use there of diesel cars. Yet diesel cars are under growing scrutiny in Europe due to their emissions of air pollutants. Islington council in London plans to charge diesel owners

0 15

£96 for parking permits and Paris has promised to ban diesel vehicles throughout the city by 2020. But the report said use in vehicle catalysts would continue to be a key driver for platinum demand as car manufacturers adopt tighter emissions requirements under European legislation. European car sales rose for the first time in six years, boosting platinum catalyst demand in Spain and Germany, it said, though demand was flat in Japan, India and the rest of the world. “Increased vehicle production, higher platinum loadings in auto catalysts and increased industrial demand underpin demand growth in 2015,” it said. But investors are concerned about plentiful stored stocks of the metal in vaults, which they believe could emerge to satisfy demand even as miners continue to produce.

PHILIP STAFFORD — BOCA RATON

A consortium of 20 top-rated global insurance companies are underwriting a policy for clearing houses that would limit losses for users of derivatives and possibly taxpayers in the event of market turbulence. The scheme aims to create an extra layer of protection for clearing houses, a critical component of the global derivatives industry since the financial crisis. Clearing houses mutualise the risk between individual buyers and sellers of various derivatives and ensure deals are completed in the event of a default. The insurance policy would create liquid securities in a bankruptcy-remote trust, and they could be drawn on immediately. GCSA, a US-based consortium, has been working on the plan for

more than a year, and described it as a way to help resolve simmering tensions between market participants and operators that have grown out of new responsibilities for clearing houses. “It’s catastrophic risk that the insurance industry is well adept at providing,” said David Hardy, chairman. “Deploying the willing resources of the global insurance market rather than the finite resources of the members seems the most logical way forward.” The centrality of clearing houses at the heart of the financial system has not only fanned fears that they are a source of future vulnerability. Big customers such as JPMorgan and Citigroup are fighting with clearing house operators including LCH.Clearnet, CME Group and Intercontinental Exchange over how much each side should contribute to a mutual fund for defaults.

The issue was among the chief topics at the Futures Industry Association conference in Boca Raton, Florida. Clearers also rely on “assessment powers” that allow them to call on members to stump up additional billions in a crisis — creating large and unquantified liabilities for banks such as JPMorgan and Citigroup. Emily Portney, of JPMorgan, said the assessment powers at CME’s clearing house totalled $19bn but the clearing house had only $100m of regulatory capital backing it. “Will the assessment layer be there in time or not? Is that enough to align incentives?” she asked. The CME disputed the figures. None of the companies in the consortium are members of clearing houses and they are capable of offering up to $10bn in protection. Although not a new idea, it has not been tried on such a scale before.

★★★

Thursday 12 March 2015

33

FINANCIAL TIMES

MARKETS & INVESTING Global overview

TRADING POST

Michael Hunter Don’t forget the pound. While there is no doubt about where the main action is currently taking place on the currency market — the dollar’s dizzying ascent and the euro’s relentless fall — the prospect of volatility for the UK currency is high. Britain is faced with a period of rising political uncertainty in the runup to what is expected to be the closest election in a generation. Polls suggest neither of the country’s main parties will win an overall majority, heralding a round of coalition building. RBC Capital Markets has been looking at the parties’ fiscal policies ahead of the May 7 election, and has found that the divergence between the two parties means its estimates for aggregate government borrowing have a range of more than £150bn. This is “more than double the current coalition’s total forecast borrowing requirement for the next five years”. The bank concludes that the pound is likely to be a “net loser in most election scenarios”. It said the key risk of a Labour-led parliament was an increase in regulation that could inhibit the medium-term growth outlook. Should the Conservatives maintain their current role as the main party of government, RBC says uncertainty created by a consequent referendum on UK membership of the EU will prove to be an “Achilles heel on the economy”. Housebuilders, says RBC, could offer investors some protection, due to the “consensus on the priority of building new homes limiting the likelihood of major reforms”. [email protected]

Sterling

Against the euro (€ per £) 1.4 1.3 Jan

2015

1.2 Mar

Source: Thomson Reuters Datastream

Wall St struggles as dollar marches on but European stocks rebound Xetra Dax at record high as exporters benefit from euro weakness, while gold retreats for an eighth successive session DAVE SHELLOCK

Continental European stock markets staged a solid rebound after the previous day’s sharp falls. But Wall Street put in a far less confident showing as the dollar’s relentless rise prompted renewed uncertainty about the prospects for the US economy. Government bond yields fell on both sides of the Atlantic as eurozone debt continued to respond enthusiastically to the European Central Bank’s quantitative easing programme and US Treasuries took heart from a solid auction of 10year paper. “With US labour market data leaving a June Federal Reserve rate hike on the table and the ECB finally printing money to buy sovereign debt, financial markets are likely pricing in the ultimate consequences of such divergent monetary policies,” said Hans Mikkelsen, credit strategist at BofAMerrill Lynch. “Thus in March we are seeing the dollar surging against the euro, and US Treasuries underperforming German Bunds — by more than 30 basis points in 10-year yield difference in March to 190bp today. Clearly, US stocks are uncomfortable with these big moves.” Indeed, the S&P 500 slipped another 0.2 per cent to 2,040, after suffering its biggest drop in two months on Tuesday and giving up all its gains this year. The US equity benchmark has retreated more than 3.5 per cent from a record closing high reached just 10 days ago. But in Europe, the German Xetra Dax index leapt 2.7 per cent to a record high, helped in no small part by the positive

— Petros Giannakouris/AP

GDP bonds an olive branch for Greece? FT.com/video Could GDP-linked bonds be the answer for Greece? Alberto Gallo of RBS argues their case with the FT’s Ralph Atkins impact on export-focused stocks from more weakness for the euro. Mario Draghi, ECB president, credited the euro’s fall as a key factor behind signs of improvement in the eurozone economy. The London market lagged behind its continental European peers as weakness in the mining sector left the FTSE 100 just 0.3 per cent firmer. The panEuropean FTSE Eurofirst 300 rose 1.5 per cent to a seven-year closing high. The euro was down 1.5 per cent against the dollar at a 12-year low of $1.0538 as the US currency climbed another 1.1 per cent versus a basket of peers to its highest since April 2003. The dollar index has risen about

Bryce Elder

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.74

-

A push from Barclays meant Domino’s Pizza climbed to a record high yesterday. The franchise operator added 5.9 per cent to 775p after Barclays set an 850p target price. While a valuation of 24 times earnings looks rich, profitability is distorted by start-up losses in Germany and Switzerland and by a head office policy of incentivising its network by passing on cost savings, the broker argued. Franchisee profitability grew strongly last year as input costs fell and online ordering allowed for fewer employees, said Barclays. Happy franchisees will in effect fund Domino’s expansion, meaning the group can grow its UK store count by up to 50 per cent while still delivering a sector-leading return on capital employed of 80 per cent, it said.

“Enhanced franchisee profitability is crucial, as it creates a virtuous circle,” it said. “Franchisees will be encouraged to spend further on marketing, and it means they are incentivised to increase the site rollout [which] should help grow system sales further.” Domino’s has been the FTSE AllShare’s second-biggest gainer since the turn of the millennium, with the stock rising 34 fold. Only Randgold Resources has done better. The wider market steadied following Tuesday’s drop, with the FTSE 100 edging to a 0.3 per cent gain, up 18.67 points to 6,721.51. Small-cap engineers were in focus on a bid for Domino Printing Sciences, the specialist maker of label-printing equipment. Xaar, Domino’s closest UK peer, added 3 per cent to 376.8p.

Domino rose 30.5 per cent to 941p, a premium to the 929.8p per share offer from Brother Industries of Japan. US competitors Danaher and Dover Corporation were seen among the potential counter-bidders, along with Japanese printer makers such as Epson, Xerox and Kyocera. Cairn Energy was 15.5 per cent lower at 155p, having said late on Tuesday that it had been served a $1.6bn capital gains tax bill by the Indian government. Facing a long arbitration process, Cairn has no chance in the short term of selling its $700m stake in Cairn India, said analysts. A profit warning meant catalogue retailer N Brown lost 17.1 per cent to 338.9p. Clearing stock and improving competitiveness will put more pressure than expected on gross margins for the next two years, N Brown said. Serco edged 0.2 per cent lower to 206.4p awaiting details of its strategic review and rights issue. Barclays suspended research coverage on Serco, indicating it has been drafted in alongside house brokers Bank of America and JPMorgan Cazenove to work on the restructuring. Ormonde Mining, the small-cap owner of a tungsten project in Spain, gained 44.7 per cent to 3.4p after receiving a second takeover approach from Almonty Industries of Canada. Almonty, which had failed to buy Ormonde in 2013, said its proposal was better for shareholders than a funding package the miner provisionally agreed in February.

of demand and rising crude stockpiles have depressed energy prices. Jet fuel prices have tumbled 45 per cent to $1.647 a gallon since peaking in June, according to Platts. Carriers also found lift after Southwest Airlines, the fourth-largest US airline by market valuation, reported a 1 per cent gain in revenue passenger miles from a year earlier, reversing a 1 per cent decline in January. Analysts with UBS had expected industry revenues to slip 1.2 per cent in February, while those with Cowen & Co had projected a 1 per cent dip for Southwest. Airlines proved one of the most popular trades last year, as carriers flew more tightly packed jets and fuel prices declined. This, with an improving US economy and structural changes through industry consolidation, propelled the New York Stock Exchange ARCA Airline index 42 per cent higher since the start of 2014. Southwest was up 2.1 per cent to $43.84. Rival Delta climbed 1.83 per cent to $44.02, American Airlines

gained 1.4 per cent to $47.39 and United Continental rose 2.1 per cent to $65.97. SanDisk climbed 3.2 per cent to $82.73 after brokerage Goldman Sachs added the company to its conviction buy list. Analysts with the investment bank said they expected margins to expand for the flash memory manufacturer and that they had increased confidence in the industry’s supply-demand dynamic. “We expect demand to improve from a seasonally slow first quarter,” said Mark Delaney, an analyst with the bank. Weibo recovered from early falls to end almost 1 per cent higher at $15.02 after the Chinese social network said profits tumbled 79 per cent to $4.6m, or 2 cents a share. Overall, US equity markets were lower, after a sharp sell- off on Tuesday, al though banks rebounded ahead of stress test results from the Federal Reserve. The S&P 500 slid 0.19 per cent to 2,040.24. The Dow Jones Industrial Average was 0.16 per cent lower at 17,635.39 and the Nasdaq Composite was 0.20 per cent lower at 4,849.94.

Share price (pence)

Mar

US airline stocks rebounded yesterday after a turbulent start to the week as energy costs slid and one of the country’s biggest carriers said a measure of revenues had climbed. Spot jet fuel continued a recent slide, one of the tailwinds for the sector, reversing a bounce recorded this winter when prices climbed 26 per cent as crude oil producers cut capacity. A lack

800 700 600 500 Mar 2015 Day's

Indices

Close

change

FTSE 100

6721.51

18.67

FTSE 250

16948.85

26.36

FTSE 350

3697.54

9.53

FTSE All-Share

3633.90

9.13

FTSE 100 Futures

Eric Platt

2014

Source: Thomson Reuters Datastream

FTSE All-Share Yield

Wall Street Southwest Airlines lifts sector as fuel prices slide

S&P 500 index Change on day

3.37

-

6698.50

4.50

25 per cent since May as markets priced in the growing likelihood of the Fed becoming the first of the world’s major central banks to raise interest rates. James Bullard, president of the St Louis Fed, said yesterday that the end of near zero interest rates in the US was overdue, given the rapid pace of improvement in the jobs market. Gold continued to suffer from the dollar’s strength and the prospect of higher US borrowing costs. The metal was down another $7 at a three-month low of $1,153 an ounce, its eighth fall in a row. “The continued strength of the dollar seems to be leading to more conversations along the lines of ‘at what point

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does dollar strength stop simply being a sign of a relatively strong US economy, and start being a reason to doubt the continuation of that strength’,” said Jim Reid, strategist at Deutsche Bank. “Can the Fed afford to position policy in a way that ensures they lose out in the ongoing subtle global currency war?” Charles Dumas at Lombard Street Research warned that the biggest threat to the US and the world recovery was the soaring dollar — specifically as its recent jump had taken the Chinese renminbi up with it. “Japan’s two large devaluations in two years, followed by the collapse of the euro, have returned much of the advanced world to its respective comfort zones — consumer-led growth in the US and UK, contrasting with export-led growth in Japan, the eurozone and China,” he said. “China will benefit from the newly import intensive US growth but is facing the need for a very substantial cut in its capital expenditure. “Its price competitiveness has suffered from the devaluation of the yen and the euro.” Despite the dollar’s relentless appreciation, longer dated US government bond yields fell, with the 10-year Treasury down 2bp at 2.11 per cent and the 30-year down 4bp at 2.68 per cent. The two-year yield was flat at 0.68 per cent. The German 10-year Bund yield touched a record low of 0.19 per cent before ending 4bp lower at 0.20 per cent. There were record lows for a wide range of other eurozone sovereign yields, continuing a pattern seen since the ECB launched its QE programme on Monday. Brent oil rallied 2 per cent to $57.54 a barrel following a 3.7 per cent slide on Monday, while US West Texas Intermediate clawed back an early fall despite data showing US crude stockpiles rising to yet another record high last week.

0.18% 2150 2100 2050

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Domino’s Pizza

London Domino’s Pizza climbs to record high on profitability growth

Markets update

2015

Mar

2000

US equities Wall Street struggled to recover from Tuesday’s sell-off, as talk that the Federal Reserve might raise interest rates as early as the summer kept the dollar on an upward track

FTSE 100 index Change on day

Feb

0.28%

2015

Mar

7000 6900 6800 6700 6600

UK equities The London market had a choppy session as mining stocks reversed an early bout of weakness, helping the FTSE 100 stage a late rebound from a low of 6,693.80

Eurofirst 300 index Change on day

1.46%

1600 1550 1500

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2015

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1450

European equities The Xetra Dax climbed to a record high as the weak euro boosted exporters’ shares, while the Eurofirst 300 claimed a seven-year closing peak

Nikkei 225 index (’000) Change on day

0.31%

19.0 18.5 18.0

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2015

Mar

17.5

Japanese equities The Tokyo market shrugged aside Wall Street’s heavy overnight losses, helped by some encouraging domestic economic data

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34

Thursday 12 March 2015

Analysis. Equities

SMART MONEY

Bloated valuations arrest ageing US bull run

John Authers

Skewed incentives favour a short-term investment focus

L

ong-termism is good for you. Investors and corporate executives are far too focused on the short term, with results that in the long run are bad for more or less everybody. Few would disagree with these statements. Long-termism is up there with motherhood and apple pie among issues that everybody favours. But then the scepticism starts. Are there any ways longterm thinking can actually make us money within a timeframe short enough to do us any good? If looking to the long-term requires taking a short-term hit that endangers a money manager’s career — and it often does — then capitalism’s model for allocating capital has become flawed. But the convening power behind the Focusing Capital on the Long Term initiative (BlackRock, McKinsey and the Canada Public Pension and Investment Board) could at least, this week, bring more than 100 powerful asset owners, from public pension plans and sovereign wealth funds, together in Manhattan for a “Long-Term Value Summit”. Big asset owners do not, in practice, seem at all cynical about attempts to boost long-termism. Perhaps the most encouraging aspect of the event was a clarity that there is a problem, and that much of the problem has to do with skewed incentives in the investment industry itself. What was most depressing, however, was a deepening alarm that the era of low interest rates, and re-regulation in the wake of the 2008 financial crisis, has skewed incentives even further towards the short term. Exhibit (a) is infrastructure. Governments are des‘As a result we perate for the private sector to invest in it. It is a natural need to seek investment class for public incremental pensions plans and sovereign wealth funds, requiring returns patient long-term capital. elsewhere’ Michael Sabia, chief executive of Caisse des Depots et Placements de Quebec, listed the advantages succinctly. Interest rates are low, and are likely to stay low for decades. “As a result we need to seek incremental returns elsewhere. How do you replace those returns? Infrastructure is a natural and very appealing place to look.” This is because it is long term, carries a low risk of capital loss, is stable, and generates a lot of cash. As he puts it, infrastructure projects “have many of the characteristics of a fixed income portfolio, but they offer incremental return”. So why the concerns about infrastructure? First, it is not just the big long-term institutions that have received this message. Everyone who would normally invest in bonds has sought out infrastructure as a bond substitute over the past six years. The result is valuations have gone too far. Carsten Stendevad, CEO of the ATP Group, which manages Denmark’s public pensions money, suggests the fund was keen to invest in infrastructure two years ago — but that valuations are now unattractive. There is a second problem. Investing in infrastructure is usually an act of trust in a government. Will the flows of income be as expected? For example, on a toll road, investors will take the risk that the economy slows, fewer people drive, creating fewer revenues, and the building risk, that completion is delayed. They dislike taking other risks. Mr Stendevad points to recent incidents, such as the French government’s decision to review the tolls on autoroutes, or Spain’s shifts in solar subsidies, as severely damaging institutions’ confidence in infrastructure as a sector. Finally, in Europe at least, there is great anger that regulations have unwittingly made it hard, or even impossible, for large long-term funds to invest in infrastructure. Angelien Kemna, chief finance and risk officer of APG, which oversees public pensions for the Netherlands, said the Solvency II directive for insurers had made insurers shy away from real assets. “Forcing [pension funds] to set aside assets for collateral purposes in the same manner as a bank or hedge fund does not make sense, and it results in a direct loss of long-term investment opportunity.” Infrastructure’s appeal is evident. But those new to the sector should heed these warnings. The big asset owners who naturally concentrate on the sector seem deeply concerned. As for politicians and regulators, the message is that they will need to make changes if they want to persuade long-term investors to pay for public infrastructure. [email protected]

More comment and data on ft.com Y Fast FT Our global team gives you marketmoving news and views, 24 hours a day, five days a week. ft.com/fastft Y Alphaville Our irreverent financial blog. Join Paul Murphy and Bryce Elder for the daily Markets Live session at 11am. ft.com/alphaville Y beyondbrics News and comment from more than 40 emerging

economies, headed by Brazil, Russia, India and China. ft.com/beyondbrics Y Podcast The Hard Currency podcast takes a look at what is driving the global currency market. ft.com/podcasts Y Video View from the Markets features video interviews with leading market analysts. ft.com/vftm

Seven-year rally looks shaky as Fed rate rises loom and profits are revised downwards

Street life: a century of progress S&P 500 bull runs throughout history % change in each period 400

Entering its seventh year, the ageing US equity bull market looks vulnerable. Rising concerns about the outlook for US equities reflect lofty valuations and expectations of higher interest rates. In the past, the combination of rich share prices during periods of tighter monetary policy has proved challenging. Now, as investors increasingly believe the Federal Reserve may start raising official borrowing costs as early as the summer, equity prices have come under pressure. The S&P 500 erased its 2015 gains on Tuesday as investors focused on sharp downward profit revisions led by energy stocks and concerns over rising bond yields and a strong dollar. Uncertainty over how asset prices will react once borrowing costs rise for the first time since 2006 looms large over Wall Street. Years of low interest rates and aggressive easing from the central bank have encouraged investors to seek equity exposure, while US companies have taken advantage of cheap borrowing costs to help fund huge buybacks and dividend payouts to shareholders. “We have been relatively bullish on the market in recent years and believe the bias for stocks remains to the upside, but investors should be concerned,” says Dan Greenhaus, chief strategist at BTIG. “One thing is clear, whenever the Fed has raised rates at times when equities are richly valued, it has been problematic for investors.” No matter the S&P 500 setting a record close earlier this month, as the Nasdaq Composite briefly rose above the 5,000 point threshold for the first time since the internet bubble, investors entered 2015 worried about high valuations and a mature-looking bull run. Vadim Zlotnikov, chief market strategist at AllianceBernstein, says: “I’m

300

325% rise in S&P 500

229% 207% 158%

100

126%

The US exchange group, best known as a stock market operator, took aim at what it called a “monopoly” as it formally announced the launch of Nasdaq Futures, a commodity market that will list contracts in oil, natural gas and US power. Bob Greifeld, Nasdaq chief executive, explained his view of the commodities market with a joke about Hillary Clinton, who is facing intense scrutiny over her exchanges by personal email while serving as US secretary of state. “What do CME, ICE and Hillary Clinton all have in common?” he said at the annual Futures Industry Association conference. “They all think they have a monopoly on their exchanges. We’re here to disabuse people of that notion.” Energy futures are a rare market where competition does exist, albeit between two behemoths. CME and ICE battle over market share in oil and gas, with CME offering free trading in Brent crude, the global benchmark. However, energy is a lucrative business for futures exchanges. CME’s average rate per contract in energy is $1.272, compared with $0.711 for equity indices and $0.474 for interest rates. Volumes in oil are also picking up as big price swings return. CME reported record

102%

86% 80% 48% 74%

65%

0 1932 Start and end 4 points index to 19 level of S&P 500

Nasdaq looks to halve energy trading cost Nasdaq plans to halve the cost of trading energy with the launch of a new, low-cost futures exchange that executives believe will challenge the current dominance wielded by the CME Group and Intercontinental Exchange.

266%

200

Equities

GREGORY MEYER — BOCA RATON

417%

Duration of bull run

MICHAEL MACKENZIE

daily energy volume in February, including all-time high volume in its flagship West Texas Intermediate crude contract. Energy volumes on Intercontinental Exchange also rose in February from a year before, including a 61 per cent increase in volumes in its Brent crude contract. Trades executed on ICE and CME are sent to clearinghouses owned by each exchange operator, an arrangement known as a “vertical silo”. Clearinghouses act as the buyer to every seller and seller to every buyer on an exchange, spreading the risk of a default across its members. Nasdaq’s trades will be cleared at the Options Clearing Corp of Chicago. Mr Greifeld said its “horizontal” clearing model would help deliver a “greater than 50 per cent reduction” in the cost of trading energy. Nasdaq hopes to gain 10 per cent of overall energy volumes. CME cast doubt on Nasdaq’s strategy, with Phupinder Gill, chief executive, saying it was hard to compete “if your value proposition is simply price”. Nasdaq has been trying to spread beyond equities, where profits have contracted. Nasdaq said that 19 brokers, proprietary trading firms and physical commodity traders had committed to support the exchange, including Goldman Sachs, JPMorgan Chase, Morgan Stanley as well as Virtu Financial, the proprietary trading firm. Nasdaq contracts would be “lookalikes,” settling against physically settled energy contracts lon CME and ICE.

1940

1950 8 to 19

14 to 50

1960 39 to 73

1970 52 to 94

73 to 108

69 to 120

1980 62 to 141

1990 102 to 337

224 to 369

2000 296 to 1,528

2010 777 to 1,565

15

677 to 2,079

FT graphic. Source: S&P Dow Jones Indices

always concerned about environments like this, as there are not a lot of opportunities for value.” On the horizon is the prospect of two straight quarters of negative earnings growth, led by energy companies being hit by a sliding oil price, and dubbed by some a “profits recession”. Mr Greenhaus says forecast declines in earnings mainly reflect the energy sector. Michael Stanes, investment director at Heartwood Investment Management, says: “At some point earnings do have to come through to support higher valuation multiples,” adding that “valuations are moving back up to levels last seen in 2007”. To some extent, Wall Street is looking beyond the slide in consensus earnings. Greater spending power for consumers is seen outweighing the looming hit for company bottom lines. Analysts are

forecasting a rebound for earnings growth during the second half. But as the dollar ascends, global revenues for US multinationals face continued downward pressure, while Treasury yields have risen sharply of late, weighing down performance of bondlike share market proxies such as utilities and real estate investment trusts. Jack Ablin, chief investment officer at BMO Private Bank, says US valuations do not compare well with global equities and buybacks have been a key source of strength for the domestic share market. With equities on the defensive, uppermost in the minds of some is how the US bull run, at 72 months — and counting, ranks as the fourth-longest winning streak since the 1930s, according to S&P Dow Jones Indices. In terms of performance, the S&P 500’s rise of more than 200 per cent since the nadir of the finan-

cial crisis in March 2009 is approaching the gain recorded during the 1980s. Unlike those bull runs, this interest rate backdrop is much lower, in part reflecting muted expectations for inflation. As such, modest tightening from the Fed this year is not seen pushing long-term interest rates substantially higher. A contained rise in 10-year Treasury yields from about 2.1 per cent is likely to sustain the appeal of owning equities even with the S&P trading at 17 times future earnings. In turn, the current weakness in US equities may well represent another buying opportunity for a bull market that can run a lot further. “With rates so low, stocks could grow more expensive before they finally reach peak valuations,” says Nicholas Colas, chief market strategist at ConvergEx.

EXECUTIVE

APPOINTMENTS THURSDAY 12 MARCH 2015

www.exec-appointments.com

www.ft.com/recruit

Twitter: @carola_hoyos

Inside

The opaque path that leads to the boardroom Skirting the issue In the first of a series exposing the true nature of UK boards, Alison Maitland finds women are encouraged, but men are appointed

W

omen receive more advice and encouragement to join boards as independent directors, but are less likely to have the powerful sponsors that will see them through to the big table. This is one of the findings of a study that seeks to illuminate the opaque path men and women take to becoming non-executive directors (NEDs) on UK boards. In Opening the Black Box of Board Appointments, published today, researchers at King’s College London surveyed 182 aspiring NEDs and conducted in-depth interviews with 30 men and women to find out whether their experiences differed.

There were some similarities. Both groups were ambitious and generally found appointments through their own networks because board positions are almost never advertised. Meanwhile, formal NED networks and training for women rarely led to appointments. Several men said they believe it is now easier for women to be appointed than men. One said a headhunter told him: “If you wore a skirt, I’d get you to any boardroom you want.” Another said: “I feel that if I was a woman, I would have been welcomed with open arms.” But this impression is neither supported by the numbers, nor by the experiences of women. Of FTSE 100 and 250 appointments, 70 per cent went to men between September 2011 and February this year. The share of female directors reached 23 per cent for FTSE 100 boards, and 18 per cent on the FTSE 250. One female candidate explains how she challenged a board: “They are a large retail business, and the board is all very wealthy individuals; they’re Oxbridge-educated, pale and male. And I said to them: ‘Where does the consumer insight come from?’ And the chief executive replied: ‘From my PA.’” Another reports being told by a headhunter: “‘Your skills are great, but you may just be too fruity for them, a bit more provocative than they need.’ I said: ‘But isn’t that the point?’ I don’t think men get described as ‘fruity’.” Kate Grussing, managing director of Sapphire Partners, a search firm that

In a Blink Misconceptions abound around apprenticeships PAGE 2

Careers Counsel Tomorrow’s data analyst may be studying for a PhD in black holes PAGE 2

At Work with the FT Haruno Yoshida, the BT president who is redefining women’s roles in Japan PAGE 3

Male order: boards may no longer generally be all men, but the path to them still favours them co-funded the study with the Economic and Social Research Council, says: “We instigated this research to shine a light on the labyrinth of NED appointments. “It shows that the path remains opaque, in spite of all the focus on good governance and the voluntary code for headhunters. It underscores how fundamental these networks are — and men have been leveraging them more effectively for longer.” Report authors Scarlett Brown,

‘The role of chair is absolutely egoless. It is for someone who wants to be selfless’ Elisabeth Kelan and Anne Humbert say: “For women, the perceived benefit of being a woman was often part of their motivation for seeking non executive directorships. However, this was often

contradicted when they faced barriers, particularly boards that did not appear genuinely committed to the benefits of diversity.” Career experience, such as a finance background, was found to be less important than knowing people on boards. Four times as many men as women said they had been recommended for a position by an NED contact.Meanwhile, formal women’s networks and training rarely led to appointments. On top of powerful sponsors and NED contacts, men could rely on headhunters more often too. Some 43 per cent of men compared with 30 per cent of women reported being put forward by a headhunter. Helena Morrissey, founder of the 30% Club, which is supporting the research launch, says boards should now show “a little more boldness” in experimenting when advertising positions. However, women could be bolder too. The study found that men tended to want to chair boards, while women simply sought a seat at the table.

— Hulton Getty

Noel Gordon, who sits on the board of NHS England among others, speaks of one instance where it was made clear to him the board wanted to appoint a woman to increase female representation, but he does not resent that. “I understand that, and I agree with it. Even getting to 25 per cent representation is not far enough.” Robert Swannell, Marks and Spencer chairman, says he hopes more women want to chair boards than the research suggests. “I think the role of chair is absolutely egoless. It’s a role for somebody who . . . genuinely wants to be selfless in the interests of the company. I’d expect to see the number of [women] chairs increase significantly over the next few years.” That is the goal of Sharon Baylay, a former BBC and Microsoft senior executive: “We need more women on boards and we need more women in chair positions. That’s my personal driver.” At present, three woman and 97 men chair the boards of the UK’s 100 biggest listed companies.

Stern on Boards Does it ever make sense to get rid of all your directors in one fell swoop? PAGE 3

Mrs Moneypenny This year, it is time to focus on chairwomen, not just NEDs PAGE 3

FT NED Club For more coverage of boardroom issues, go to www.non-execs.com

★

2

FINANCIAL TIMES

Thursday 12 March 2015

Executive Appointments

Career Counsel The best data analyst may well have a PhD in black holes We are a growing business looking to hire an analyst to push data-driven decisionmaking across the business. How do I find the best person for the job? Simon Birkenhead, chief executive of Axonix, a mobile ad exchange, says First, be sure you understand what decisions you need to make across your business and, therefore, what data are needed to make them. I have seen plenty of companies invest time and resources in analysing data that are not relevant to the strategic decisions they need to make. Once you know, check you have access to the data you need. For example, if you want to improve prioritisation of sales leads, be sure you are collecting the data that reveal which prospects convert best. Once you have this access, you will need to plan what skills you want your data analyst to have. Do you need them to implement better processes for capturing data? If so, you might need someone with relevant customer relation management (CRM) or process implementation experience. It is also worth considering if you need them to integrate the raw data within different databases to extract the relevant information, in which case they will need database query coding expertise.

You should also be clear on whether you need this analyst to identify trends and insights hidden within the data, in which case you may want someone who can take a complex data set and execute a deductive process to “find” the story within it. The ability to build algorithms, take a data set and produce a strategic recommendation to maximise the success of your business is also useful and you will need an analyst who has extensive coding experience. Once you know what expertise you need, the biggest challenge will be recruiting the right person. Try looking beyond your current industry in less obvious places, such as the maths departments of universities. We recently hired an astrophysicist into our data analytical team whose PhD was a study of black holes. He did not have any experience of our business, but has proved to be exceptional at analysing massively complex data sets to extract correlations and build predictive models. With this in mind, try to find someone who understands the “so what”. Data analysis becomes pointless if you cannot use it to help your business go where you want it to. Send your questions to Janina Conboye at [email protected]

In a Blink: National Apprenticeship Week Misconceptions about apprenticeships 56% of people surveyed have never considered an apprenticeship Apprenticeships only for the young? 75% of people falsely believe apprenticeship positions are solely aimed at 17-21 year olds

48% falsely believe there is an age limit to applying for apprenticeships

Pay too low? 59% cite poor average wage as a disadvantage to starting an apprenticeship

60% of people think the average weekly wage is below £100

Haiku at Work Weekly Competition This week’s topic is the team meeting, and the top entry shows the desolation of working late: Office gathering Laid bare under neon lights Empty pizza box By Greg Skeen

Of 40-60 year olds, 89% still think apprenticeships are aimed at 17-21 year olds

Of 40-60 year olds, only 14% would consider an apprenticeship ...

Actually the average wage is £170 pw (source: National Careers Service)

IT/software

27.3

32.1

10.2 ... compared with 36% of those aged 16-24

Judge Jim Kacian, of the Haiku Foundation, says: “Haiku most often find resonance in mundane places . . . What is more mundane than an empty pizza box?”

Apprenticeships only in traditional trades? Per cent of apprenticeships offered

Other sectors Construction 2.2 Health 3.3

FT graphic. Source: survey conducted in March 2015 by Monster.co.uk of 2,000 people from the UK public

10.7 4.7

5.8

Clerical The runner-up has a delicious portmanteau word: Training Sales Customer support Engineering 3.7

tiresome meeting — lifted up by endolphins at a water fountain By David Dayson The current topic is the expat and the deadline is March 19. Send your entries to [email protected]

★

Thursday 12 March 2015

3

FINANCIAL TIMES

Executive Appointments

BT executive who is breaking the mould for Japan’s working women At Work with the FT Haruno Yoshida President, BT Japan

To succeed, you must open your own path, the business leader tells Kana Inagaki

A

s Haruno Yoshida glides into BT’s Tokyo office, her face breaks into a grin that shows little of the stress that comes from being a chief executive and a mother. It is our second interview in less than a month, but she is as energetic as if we are meeting for the first time. Ms Yoshida, the first female president at BT’s Japanese unit, is one of the most successful women in the country. She is making history again, having been named the first female executive of Japan’s all-powerful, male-dominated business association, the Keidanren. To achieve that success, however, she went abroad and worked at several foreign companies that more readily promoted women than those in Japan. Ms Yoshida does not hide her anxiety in taking on a senior role as a vice-chairman of the Board of Councillors at the Keidanren, a group known for its conservative image. But she says she is driven by the belief that Japan is changing under Prime Minister Shinzo Abe’s campaign to bring more women into the workforce. “I’ve lived 50 years, but I’ve never seen momentum like this,” she says. As a child, Ms Yoshida did not imagine she would be the role model for advancement of women. She was brought up by parents who believed that her biggest chance of happiness lay in getting married and being a housewife. But her childhood was unusual. She gained exposure to speaking English by playing with children of European and US diplomats in her Tokyo neighbourhood. Her grandmother was also a female pioneer, who worked as an employee in a US bank and taught English to her outspoken granddaughter. When Ms Yoshida was 21 and studying at the prestigious Keio University in Tokyo, her parents told her over dinner that she would be hired by an affiliate of her father’s company and that she needed to get married within three years.

Career Clips What is the best career advice you ever got? When I had to change my job I felt as if I was betraying my clients, since lifetime employment was still the norm in Japan. But I was encouraged when my client told me it was more important to expand my talent globally. How do you keep from burning out? I run 40km every weekend and swim until my mind is empty. I feel uncomfortable if I don’t move my body.

What keeps you motivated? Everyone has had frustrating moments in her career. That was my biggest driver. Someone has to lead and every beginning is going to be awkward. But my mission is to pass it to the next generation in better form. Is what you wear at work important? Even if it’s a gathering of men in black suits, I want to enjoy being a woman and I want to look glamorous. My mother’s influence was strong. She was always dressed nicely.

‘It was an extraordinary burden that I placed on my child’

On the Desk When Ms Yoshida meets an unexpected career block, she asks herself what advice she would give if her daughter met the same obstacle. That was also how she ended up accepting her role at Japan’s biggest business lobby group. Her daughter, now 20, has clearly been the driving force behind her work aspirations and her role in promoting women in businesses. By her desk she keeps an old drawing by her daughter in a frame, which she said suddenly resurfaced the day after

her mother died two years ago. Drawn when her daughter was five years old, the picture shows an angel with wings — who is presumably Ms Yoshida — standing on top of a globe with the word “peace” at the bottom. On the reverse of the drawing are the words: “You will always be in my heart, Mommy.” Ms Yoshida then takes me to

a teleconference room, saying that technological innovation will allow her daughter and other women to work remotely, making it easier to balance their career and family life. “I want to make up to my daughter by helping her when she becomes a working mother,” she says. Kana Inagaki

Sometimes a clean sweep is required STERN ON BOARDS

Stefan Stern When a sports team underperforms as badly as the England cricket team has lately, the cry often goes up: “Sack the lot!” It makes for a rather good newspaper headline. But what about getting rid of all — or at least a large part of — a board in one go? Is that not a bit drastic? For some companies it is not. Look at Standard Chartered bank. Not only is Peter Sands, the chief executive of eight years, leaving after net profits in the past year fell by more than a third, but so too are the head of its Asia division, Jaspal Bindra, and three non-executive directors. Next year, the current chairman, Sir John Peace, will step down. Incoming chief executive Bill Winters will look up from his papers to see a

new-looking team staring back at him. It is all change at Tesco, too. The underperforming supermarket group has acquired a new chairman, chief executive and finance director in the past year, and has just lost two — female — non-executives. Other directors had left during former chief executive Philip Clarke’s time in charge. It is a case of “New Faces of 2015” on the Tesco board, including BP’s Byron Grote, appointed last week. Change can be good, and necessary, especially when you are in trouble. Disappointed shareholders had been calling for radical action at both Standard Chartered and Tesco. But bringing in so many new people in a hurry can also be risky. Some “corporate memory” will inevitably be lost, while there will be a delay before new directors have a thorough grasp of the organisation they are now helping to steer. There is something to be said for continuity. Change, though, at least challenges complacency. As Anthony Fitzsimmons, chairman of Reputability, a consultancy, points out,

boards can be overconfident in their ability to spot behavioural and organisational risks. And if continuity has led to groupthink, herd behaviour and the suppression of doubts and questions through social norms and conformity, then a board may be leading the company to disaster. As the fund manager Terry Smith pointed out in an article for this newspaper in September last year, Tesco’s return on capital employed should have been sending a warning signal both to investors and the company over the past decade. According to Mr Smith’s reading of the figures, the company “was not generating enough cash both to invest and to pay its dividend”. Making a clean sweep of the boardroom is rare. Indeed, it is unusual to see both a chief executive and chairman being replaced at the same time. But sometimes change cannot be put off any longer. And at Standard Chartered, Mr Sands and four fellow directors face another unwelcome change this year: they are forgoing their bonuses.

“I instantly saw my life and I was so appalled that I lost my appetite,” she says. She fell mysteriously ill over the next three years, missing job and marriage opportunities. “I fell off the rail and I had to open my own path.” She found her way again by entering the world of telecommunications, joining the local unit of Motorola. She further strayed from Japanese norms in her late 20s when she married a Canadian and moved to Vancouver after giving birth to a daughter. Her career flourished as she succeeded as a marketing manager in a Canadian telecommunications firm, and she moved to New York in 1999, where she joined NTT, the Japanese telecommunications group. By that time, she had ended her marriage and she was raising her five-year daughter alone. A vivacious talker, Ms Yoshida’s expression clouds as she recalls the troubles in balancing her work and motherhood in a foreign country where she had no friends to turn to. To become a top sales manager, she went to evening dinners, weekend golf tours and also worked through the night to fix client problems. “You have to stand out to be recognised,” she says. Ms Yoshida winces as she recalls how her daughter had complained to her that she hated Mother's day because she was never there. When she had to go on business trips across the US, it was her retired father who flew over from Tokyo to look after her daughter. Ms Yoshida returned to Japan in the mid-2000s and moved to Verizon of the US before joining BT three years ago. “I changed companies and moved countries to pursue my career. You have to open your own path, as if writing from scratch on a white paper,” she says, explaining there had been little other choice, she had needed the income. “It was an extraordinary burden I placed on my child,” she laments, but adds: “With my experience, I can be the best coach for my daughter. My career will be complete when she can truly appreciate me as a working mother.”

Mrs Moneypenny The women in line to chair Britain’s biggest companies

It is a good thing for female NEDs, as chairs pick those who sit at the top table

The statistic to watch — as the Davies Review prepares to release its latest data on the number of women on the boards of Britain’s biggest listed companies — may well be the number of female chairmen. It can hardly fail to increase: just three FTSE 100 companies are currently chaired by women. Gay Huey Evans and Jasmine Whitbread were named to the board of Standard Chartered last month, at the same time as the bank announced its new chief executive, Bill Winters. That was a great day for women on boards, and board diversity. Although both have previous FTSE non-executive director (NED) experience, they do not come from conventional careers. Ms Whitbread hails from the not-for-profit sector, and Ms Huey Evans has undertaken a lot of regulation in her career, plus — and I am sure she will not thank me for saying this — she is 60. But what was even more interesting was the press comment the day after their appointments were announced. One widely read daily newspaper, commenting on the announcement that Sir John Peace was to leave his post as chairman in 2016 said “Gay Huey Evans has joined Standard Chartered’s board and ought at the very least be on the shortlist for chairman.” Hear, hear. But the speculation about possible

chairwomen did not end there. Sir John also chairs Burberry, and although there is no expectation that he will stand down from there soon, one writer pointed out that he might have a potential female successor there too, in the form of Carolyn McCall, who joined the Burberry board last autumn. We have seen the rise of the female NED, then the increase in the number of female senior independent directors (SIDs). Will we now see more women in the chairman’s seat? Johanna Waterous, the SID at both RSA and Rexam, and on the Wm Morrison board, must surely also be a potential chair candidate for someone, especially if the currently agreed bid for Rexam from Ball Corporation goes through, freeing her for another appointment. There should be more women chairing FTSE 100 companies, and there will be. Sarah Bates (St James Place) Alison Carnwath (Land Securities) and Susan Kilsby (Shire) will be joined by others; Baroness Shriti Vadera, who chairs Santander UK, would become a FTSE 100 chairman if an initial public offering happened. In the FTSE 250, there are women getting useful experience who will become contenders: Anita Frew, deputy chairman of Lloyds Banking who used to chair Victrex, was named last week as the new chairman of Croda, and Liz Airey began to chair Jupiter last autumn. The next 12 months will, I predict, see the rise of the chairwoman. And that can only be a good thing for women because chairs of either sex appoint chief executives and NEDs. And we need more women as both.

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FINANCIAL TIMES

EXECUTIVE

APPOINTMENTS

Thursday 12 March 2015

FT SPECIAL REPORT

Azerbaijan www.ft.com/reports | @ftreports

Thursday March 12 2015

Roman times. It did not stop Azerbaijan from hosting the 2012 Eurovision Song Contest, and in June it hosts the inaugural European Games, the biggest international sports event ever staged there. The games will take place against a backdrop of troubling geopolitical and economic developments for the young state. The Ukrainian uprising that toppled President Viktor Yanukovich in February 2014 disturbed President Ilham Aliyev of Azerbaijan. Not only was it a popular revolution against an authoritarian ruler, but the US and its western allies, regarded as partners in Baku, openly sympathised with the prodemocracy forces on the streets of Kiev. In what looked like an effort to forestall similar events at home, the Azerbaijani authorities began to crack

Reform offers the best hope for national stability

A long stretch of low oil prices would test the country’s economic model

Oil has given this former Soviet state great wealth but it still struggles on many fronts, says Tony Barber

W

aterfront skyscrapers and blustery winds from the Caspian Sea make Baku, Azerbaijan’s capital, look and feel a little like Chicago, albeit with fewer bright lights than the great city on Lake Michigan. Baku’s spacious, London-style taxis and backstreet pubs inject another kind of western atmosphere into this energy-rich corner of the southern Caucasus. Yet the luxury fashion stores, jewellery shops and car showrooms of Baku, brought into existence by Azerbaijan’s oil and gas wealth, are more suggestive of Dubai. The fact that Russian, after Azeri, is the most widely spoken language in Baku is a reminder that, until it gained independence in 1991, Azerbaijan had spent the best part of two centuries under Russian and Soviet rule —

an experience it has no desire to repeat. Azerbaijan stands at a crossroads of civilisations and markets, old and new, and derives its identity from multiple sources. Azeri is close to Turkish and the Azerbaijani people are kinsmen of the ethnic Azerbaijanis of neighbouring Iran. But Azerbaijan also prides itself on having established the world’s first secular Muslim democracy, an experiment that lasted from 1918 to 1920. In the modern age, the government has sought to anchor national independence in membership of pan-European institutions, such as the Council of Europe and the Organisation for Security and Co-operation in Europe. Whether the southern Caucasus, which comprises Armenia, Azerbaijan and Georgia, is truly part of Europe is a question over which geographers have scratched their heads since Ancient

Hard hit: Ilham Aliyev, president, has seen growth rates stall

— Attila Kisbenedek AFP

down on political dissent and independent media even more than in the first decade under Mr Aliyev, who replaced Heydar Aliyev, his father, as president in 2003. Human rights groups estimate that, in the past year, more than 30 activists, lawyers, journalists and bloggers have been detained and, in some cases, convicted on what western governments consider bogus charges such as tax offences. Even the few Azerbaijani human rights campaigners still at liberty acknowledge that conditions are not as repressive as in some post-Soviet states, notably in central Asia. They entertain faint hopes that the authorities may declare an amnesty for some prisoners in late March to mark Novruz, the Azerbaijani new year. But Mr Aliyev appears to have drawn Continued on page 2

Inside Nagorno-Karabakh conflict Important oil and gas pipelines run close to the front line Page 2

Economy under pressure Devaluation and job losses as oil price slide hits hard Page 3

Foreign policy focuses on independence Delicate balancing act amid regional and global powers Page 3

Baku seeks a fresh role in energy markets Plans are in train to develop the state as a hub for natural gas Page 4

European Games

An opportunity to display ‘soft power’ Page 4

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FINANCIAL TIMES

Thursday 12 March 2015

Azerbaijan State of play How the increase in Azerbaijan’s GDP has outpaced that of Russia since the collapse of the Soviet Union

Derbent

Real GDP, rebased (1992=100)

R U S SI A

GEORGIA

350

Azerbaijan

300

Tbilisi

250

Zaqatala

Quba 200

Şäki

Russia

150

Qazax

100

Şamaxi

Mingäcevir Gäncä

Sumqayit

Göyçay

Yevlax

50 1992 93

Baku

AZERBAIJAN Yerevan

94

Salyan

NAGORNOKARABAKH

Caspian Sea

Nakhchivan Länkäran IRAN

97

98

99 2000 01

02

03

04

05

06

07

08

09

10

11

12

13

14 15* 16*

Azerbaijan oil production

Azerbaijan poverty rate

At purchasing power parity, 2014 ($ ’000)

Average over previous 12 months (’000 barrels per day)

% of population

0

Khankendi/ Stepanakert

96

GDP per capita

Ağdam

AR MEN IA

95

5

10 15 20 25

Russia Kazakhstan Belarus Azerbaijan Turkmenistan Ukraine Georgia Armenia Uzbekistan Moldova Kyrgyz Rep. Tajikistan

1995

100 km

2000

05

10

1000

50

800

40

600

30

400

20

200

10

0

0

14

2001

05

10

13

FT research Sources: IMF; Thomson Reuters Datastream; World Bank *Forecasts for 2015 and 2016 from Consensus Economics

Reform offers the best hope for national stability

Threat of ripple effect increases as violence erupts Nagorno-Karabakh conflict Important pipelines run close to the front line, writes Tony Barber

T

he “frozen conflict” between Azerbaijan and Armenia over the territory of Nagorno-Karabakh is heating up, erupting in regular bursts of violence that threaten regional stability and risk triggering ripple effects beyond the southern Caucasus. January’s casualty toll of 12 killed and 18 wounded was the highest confirmed number of victims in the first month of a year since a ceasefire halted a 1992-94 war between the two former Soviet republics. That conflict killed at least 20,000 people and turned more than 1m into refugees. The latest clashes are on a less frightful scale, but international monitors say the 2014 death toll of about 60 people was the worst for 20 years. “The risks are increasing. The nature of the confrontation on the front line is becoming more dangerous. It’s not just snipers any more. It’s attack helicopters, artillery and more,” says one European official. Serzh Sargsyan and Ilham Aliyev, the Armenian and Azerbaijani presidents, met on three occasions between August and October 2014 for talks brokered by Russia, then the US, then France. But none of these meetings advanced the prospects for a lasting peace settlement. Instead, military expenditure,

Contributors Tony Barber Europe editor Jack Farchy Central Asia and Caucasus reporter Shawn Donnan World trade editor Aban Contractor Commissioning editor Steven Bird Designer Andy Mears Picture editor Keith Fray Statistics editor Chris Campbell Graphic artist Tatjana Mitevska Researcher Advertisers have no prior sight of, or influence over, FT special report articles. For advertising details, contact Jim Swarbrick on +44 (0)20 7775 6220 or [email protected], or your usual FT representative.

political intransigence and state-fuelled propaganda are intensifying on both sides of a dispute that concerns the EU, Russia, Turkey and the US, not least because oil and gas pipelines important to Europe’s energy security lie close to the Karabakh front line. Mr Aliyev and his government are displaying more frustration with the lack of diplomatic progress than for many years. At February’s annual Munich security conference, he complained that western powers were guilty of double standards, by imposing sanctions on Russia for its actions in Ukraine, yet taking no meaningful steps to secure Armenia’s compliance with UN resolutions that call for its withdrawal from Azerbaijani land. Azerbaijan has increased military spending over the past decade so that it is now double the size of Armenia’s entire state budget. Among Baku’s main arms suppliers are Israel and Russia. In commercial, military and political terms, however, Armenia is more closely aligned with Moscow. Russia’s 102nd Military Base is located at Gyumri, Armenia’s second city. In January Armenia, unlike Azerbaijan, joined Russian president Vladimir Putin’s cherished Eurasian Economic Union, which unites Russia with several other former Soviet republics.

Peaceful protest: people gathered in Baku last month to commemorate those killed during the war with Armenia Tofik Babayev AFP

Having seized control of Karabakh and seven adjacent districts from Azerbaijan in the 1992-94 war, Armenia now relies heavily on its economic and security relationship with Russia to deter any attempt by Baku to reclaim its lost territories by full-scale war. What is unclear is how Russia might react if Azerbaijan launched an attack but took care to confine its forces strictly to its side of the internationally recognised border with Armenia. For Baku, a related consideration is the exposed position of Nakhchivan, an autonomous exclave that is vulnerable to Armenian pressure because Armenian land, next to the occupied territories, cuts it off from the rest of Azerbaijan to the east. Russia and Turkey view themselves as guarantors of Nakhchivan’s status. With the US and France, Russia leads the Minsk Group, which, under the auspices of the Organisation for Security and Co-operation in Europe (OSCE), has tried without success to broker a Karabakh settlement for 22 years. Moscow’s alliance with Armenia, its arms sales to Azerbaijan and its 2008 military strike in Georgia, which resulted in that republic’s de facto dismemberment at Russia’s hands, raise questions about the Kremlin’s true intentions in the Minsk Group.

‘It’s not just snipers any more. It’s attack helicopters, artillery and more’

However, western officials say acute tensions between Russia and western governments over Moscow’s annexation of Crimea and intervention in eastern Ukraine have not hindered co-operation on Karabakh. Nagorno-Karabakh (which means “mountainous black garden”), a mainly Armenian-populated enclave of Azerbaijan in Soviet times, is today, for most practical purposes, an appendage of Armenia. However, like the Turkish Cypriot breakaway state in northern Cyprus, Karabakh is isolated in the international community. Its officials are excluded from the peace process, being represented by Armenia — a shut door at which they chafe. Since 2007, mediators have tried to build an agreement on the so-called Madrid Principles, which foresee a phased Armenian withdrawal from most of the occupied lands around Karabakh and an eventual popular vote on the region’s status. At bottom, it may be that neither Armenian nor Azerbaijani society is psychologically ready for the concessions necessary to achieve a non-military solution. “Given the breadth and depth of the propaganda on both sides, the younger generations may not be receptive to compromise,” says an official from an OSCE nation.

Continued from page 1 the conclusion that the energy partnership forged with the west since the 1990s will not stop western governments from criticising Azerbaijan on domestic matters — a stance Baku objects to as brazen interference. From the government’s perspective, events in the post-Soviet space took a more alarming turn after Russia exacted revenge for Mr Yanukovich’s downfall by carving up Ukraine. Azerbaijan’s leaders are also concerned about the implications for domestic stability of Syria’s civil war and the rise of the Islamic State of Iraq and the Levant, known as Isis. Several hundred Azerbaijani citizens have gone to take part in the Syrian war, causing the government to tighten its antiterrorism laws last year and arrest dozens of suspected fighters. Azerbaijan is a predominantly secular society — a legacy, in large part, of 70 years of official Soviet atheism — and only 15 per cent of the population are religiously observant, according to government estimates. Nevertheless, the state’s extensive security apparatus keeps a close eye on sermons, speeches and other activities at mosques in order to snuff out Islamist militancy. On the economic front, a sharp drop in oil prices over the past 12 months has slammed the brakes on Azerbaijan’s once spectacular growth rates and slashed its state revenues, which depend largely on hydrocarbon production and exports. It forced the government on February 21 to devalue the manat by roughly a third against the dollar and euro. A long period of low oil prices would test the country’s economic model and perhaps also the patience of its people, millions of whom have been lifted out of poverty thanks to exploitation of the country’s oil and gas reserves. For all the progress of the past 20 years, Azerbaijan remains a society with enormous differences in wealth separating the political, bureaucratic and economic elites from the masses. For now, the government hopes time

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Private business Diversification has become the buzzword of choice in government circles Fuad Mekhtiyev gazes lovingly as an enormous machine whirrs, spinning bottles and cleaning them at a dizzying pace before filling them with a fizzy brown liquid. “I can stand here for an hour, two hours, watching,” says the founder and owner of Aquavita, one of Azerbaijan’s leading drinks manufacturers. He counts off the names of western manufacturers whose equipment he is using — the bottling line he bought in 2011 made by Krones, a German company; the machine that makes “preforms” to produce plastic bottles, he bought from Husky, a Canadian group. “Crazy expensive,“ he grins, but “absolutely in line with the best in the world”. Starting in 1996 with just a small patch of land and a plan

to bottle spring water from the mountains, Mr Mekhtiyev built his company into one of the country’s largest water suppliers. More recently, he has been branching out into soft drinks, including Gulustan, the brown fizzy liquid he enjoys watching being bottled on the outskirts of Baku. As oil earnings slide, private sector businesses such as Aquavita have become a critical part of government strategy for the economy. “These guys are a beacon not just in food and soft drinks but for the whole of the rest of the private sector,” says Neil McKain, head of the Baku office of the European Bank for Reconstruction and Development, which is a lender to Aquavita. As in much of the

oil-producing world, “diversification” has become the buzzword of choice. “We are working to ensure Azerbaijan can be successful without oil revenues,” says Ali Hasanov, the spokesman for president Ilham Aliyev. Official data show the non-oil sector accounts for some 60 per cent of GDP, and registered an impressive growth rate of 6.9 per cent last year. But much of the sector is driven by the government’s reinvestment of its oil earnings in construction and

Aquavita is one of the country’s largest water suppliers

infrastructure. Azerbaijan, like many former Soviet countries, suffers from a legacy of bureaucratic corruption. It has taken steps to improve the business environment, such as setting up a “one-stop shop” for company registration. But structural problems remain. Much of the country’s economic activity is controlled by a few large family holding companies with links to powerful people. But Mr McKain argues that the current oil slump will loosen the grip of the elites on the Azerbaijani economy. “Midsized corporates are growing much more quickly than any other segment of the economy. As the influence of those companies grows, they’re able to press for reform,” he says. Jack Farchy

The amount the manat has been devalued against the dollar

$37

bn Value of assets in Azerbaijan’s state oil fund, Sofaz

will be on its side. Sofaz, the state oil fund, sits on about $37bn in assets, on some of which Baku can draw in the event that unemployment goes up and living standards come under pressure. The central bank has reserves of about $11bn, and public debt is very low. Above all, the government knows it will soon start earning billions of dollars in annual revenues from the Southern Gas Corridor project, which is scheduled to deliver Caspian Sea gas to Turkey from 2018 and to EU markets from 2020. The question is whether the government, with these revenues on the horizon, will shrink from reforms needed to loosen the grip of oligarchs on the economy, promote the private sector, root out corruption and allow more space for public debate. For the moment, it is unclear whether Azerbaijan’s leaders take the view that such reforms will be, in the long run, the best guarantee of the internal stability they cherish so dearly.

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Thursday 12 March 2015

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FINANCIAL TIMES

Azerbaijan

Devaluation and job losses as oil price slide hits hard

Fund drawdown Baku turns to the state oil fund to save the economy

Economic downturn Falling revenues upend government plans, reports Jack Farchy

O

n a Friday afternoon in mid-February Elman Rustamov told the FT: “You h ave c o m e t o a h o t kitchen. Everything is

burning.” That weekend, Azerbaijan’s central bank governor put an end to the dollar peg for the manat that had held since mid-2011. A week later, after an abortive attempt to manage a gradual weakening of the currency, the central bank shocked the nation by announcing a new manat-dollar exchange rate 34 per cent weaker than before. Vahid Ahmadov, an MP and member of the parliamentary economic policy committee, railed that the central bank had “deceived us, the deputies, and the whole people of Azerbaijan”. The pressure had been building on Mr Rustamov for months, as oil prices tumbled by more than 50 per cent from their summer 2014 peak, and the currencies of neighbouring countries, such as the Russian rouble, Georgian lari and Turkish lira, suffered sharp falls. Right up until the new exchange rate was announced on February 21, Azerbaijani politicians insisted that Baku would not undertake a big devaluation, with President Ilham Aliyev telling parliament in January that the stability of the manat “demonstrates the success of our economic policy”. Indeed, a stunned Azerbaijani population queued for hours at exchange points in the wake of the devaluation, while Moody’s warned that the move

would “pressure banks’ asset quality”. That the Azerbaijani central bank could no longer maintain the stability of the currency underlines the extent to which the slide in oil prices has upended the government’s economic plans. The cause for the move was a largescale flight from the manat by local depositors. Mr Rustamov said ahead of the devaluation that the central bank had spent about $1bn in a month defending the peg, as savers shifted money into dollars. The proportion of deposits held in dollars had risen 4-5 percentage points in the first six weeks of the year to 40 per cent, he said. In the week ahead of the devaluation, depositors were buying $500m a day, according to president Aliyev. More broadly, the fall in oil prices has put a heavy strain on government finances. Oil and gas account for 95 per cent of Azerbaijan’s exports, 75 per cent of its government revenues, and 40 per cent of its GDP. Mr Rustamov said that if oil prices averaged $50 a barrel, the balance of payments surplus would be five times smaller than last year’s level of $10bn-$11bn. Moreover, at an oil price of $50 a barrel, the revenues of Sofaz, the state oil fund which receives the earnings from the government’s energy sector stakes, would fall from last year’s $16.3bn to just $4.7bn, according to Gubad Ibadoglu, an independent economist who heads Baku’s Economic Research Centre, a think-tank. Those falling revenues have created a

Digging deep: falling revenues have led to job cuts Jeyhum Abdulla Bloomberg

‘The economic and social situation is getting worse by the day’

problem for the government, whose 2015 budget, drawn up under an assumption of $90-a-barrel, envisaged Sofaz would this year fund just over half the budget revenues, spending a total of 11.8bn manat — worth $15.1bn before the devaluation and $11.2bn after it. In theory, this kind of countercyclical spending was just what the state oil fund was set up to do. “During the good times, we’ve accumulated quite significant reserves,” says Shahmar Movsumov, chief executive of Sofaz. “This is the first year we will probably see some drawdowns from the fund. This is exactly the role of the fund. We’re testing the concept.” However, he added that the oil fund will most probably spend less than 10 per cent of its $37bn reserves. Even before the devaluation, the government was taking steps to shore up its

Delicate balancing act amid regional and global powers Politics

The country is determined to defend national independence and strengthen its internal stability, says Tony Barber One side of every Azerbaijani banknote bears a national map, in the bottom left corner of which is another map that depicts Azerbaijan as an integral part of Europe. The political message seems clear. Azerbaijan is no longer some docile, Moscow-controlled province, as it was under the 19th-century tsars and the 20th-century Soviet commissars. It is an independent nation whose identity, prosperity and security are intertwined, to varying degrees, with that of Europe as a whole. Yet in some respects, the message of the banknotes is misleading. Azerbaijan is not, and does not want to be, fully aligned with Europe or, for that matter, with the US. Under Heydar Aliyev, the late president, and Ilham Aliyev, his son and successor, the essence of Azerbaijani foreign policy for more than 20 years has been to strike a delicate balance between various regional and global actors, stretching the nation’s freedom of manoeuvre. The overriding objectives are to defend national independence and strengthen internal stability. But the domestic dimensions of this stance are attracting western criticism, because they appear increasingly to involve an intolerant approach towards free speech and political dissent. Azerbaijan has developed a strong partnership with the US and EU on energy, trade and some international security matters such as Afghanistan and Iraq. But it also appreciates the value, even the necessity, of constructive relations with Russia, its huge northern neighbour. At the same time, Azerbaijan enjoys warm ties with Turkey. It maintains an Ramiz Mehdiyev, chief of staff

important, below-the-radar relationship with Israel, mainly on defence and security. It has correct, but not particularly vibrant ties with Iran, its southern neighbour — and is acutely aware that Tehran might seek to capitalise on any nuclear deal with the US to reassert its historic influence in the southern Caucasus. Over the past 12 months, the west’s confrontation with Russia over Ukraine, tensions over the disputed enclave of Nagorno-Karabakh and frictions with the US over Azerbaijan’s human rights clampdown have raised questions about whether Mr Aliyev and his advisers are recalibrating their foreign policy. Unlike Armenia, Azerbaijan voted last March in support of a UN resolution that rejected Russia’s annexation of Crimea and upheld Ukraine’s territorial integrity. Unlike Armenia, it has stayed out of the Russian-led Eurasian Economic Union. But, in contrast to these positions, Ramiz Mehdiyev, Mr Aliyev’s long-time chief of staff, caused a stir in December with a polemical article, entitled “World Order of Double Standards and Modern Azerbaijan”, that amounted to the most sustained, high-level attack on US policy published in the era of the Aliyevs. Its thrust was that Washington was plotting with opposition elements in Azerbaijan to promote a “colour revolution”, akin to those which overthrew the governments of Georgia and Ukraine in 2003-2005. The article’s publication

coincided with a crackdown on nongovernmental organisations and the closure of the Baku office of RFE/RL, a US-funded news service. Moreover, Azerbaijan has welcomed a stream of prominent Russians over the past year, signalling to Moscow that it does not wish its UN vote on Crimea to damage relations. Perhaps the most unusual guest in Baku was Vladimir Zhirinovsky, the Russian ultranationalist. Notorious in years past for having hurled insults at the Azerbaijani people — the nation’s speaker of parliament once labelled him a “sick clown” — Mr Zhirinovsky was even granted an audience with Mr Aliyev. Yet Azerbaijan has no desire to slip into Moscow’s political orbit. Hikmet Hadjy-Zadeh, a former Azerbaijani ambassador to Moscow and critic of Mr Aliyev’s crackdown on the opposition, comments: “The government is getting spiritually closer to Moscow, but the money is with the west. It’s a kind of dualism.” There are limits to Azerbaijan’s sense of a European destiny. Winning the Eurovision Song Contest, as it did in 2011, and hosting the inaugural European Games, as it will in June, are one thing. Applying to join the 28-nation EU, let alone Nato, are quite another. Even an association agreement and a comprehensive free trade accord with the EU — steps that fall well short of formal membership — are not on the horizon. Unlike Georgia, Azerbaijan has no such far-reaching European aspirations. It is even critical of the way the EU tried, from 2009, to shoehorn six former Soviet republics, including itself, into a so-called Eastern Partnership — a framework implying a degree of convergence among the six that Azerbaijan regarded as exaggerated and unhelpful. “We think it would have been more effective if the EU had signed a bilateral partnership with each country individually,” says Ali Hasanov, Mr Aliyev’s spokesman. He adds: “These countries have different economic resources, different security interests, different regional concerns.” For the moment, Azerbaijan’s foreign policy balancing act is set to continue. Arguably, it is the most realistic choice for a newly independent nation in a dangerous neighbourhood.

revenues, implementing a highly unpopular tax on deposit income from January, as well as other levies on imports of luxury goods such as cars and yachts. Executives say it is also taking informal steps, such as delaying tax refunds, to boost its resources. Mr Ibadoglu says that falling oil revenues have prompted state-owned companies to cut jobs. “The economic and social situation is getting worse by the day. The government didn’t have any alternative” but to devalue. International agencies, such as the European Bank for Reconstruction and Development, are predicting a slowdown in growth to 1.5 per cent, from 2.8 per cent in 2014. But even that may be optimistic. “If we get to the end of the year in positive growth for GDP, I would classify that as a success,” says Neil McKain, head of the EBRD’s Baku office.

When Shahmar Movsumov joined Azerbaijan’s state oil fund, Sofaz, in 2006, it had $1.2bn in assets under management, 30 staff, and only invested in one asset class — fixed income. Now, Mr Movsumov is chief executive of the world’s 29thlargest sovereign wealth fund, with a $37bn pool of assets, including real estate in London, Paris, Moscow and Seoul, equities and gold. “We have a map with flags in countries where we have investments — it’s almost covered with flags. That has happened in the past 10 years,” he says. Speaking in Sofaz’s gleaming new €107m office building, which boasts its own gold vault, Mr Movsumov is conscious of the weight of expectations on his fund. As Azerbaijan faces up to its toughest year since the oil boom began more than a decade ago, the country is looking to Sofaz to save the economy. For the first time since the oil fund was founded in 1999, the government will draw down some of its money. “This is exactly the role of the fund and the framework that was foreseen since the beginning. We are testing the concept of the volatility reducer, or buffer,” says Mr Movsumov. The heightened importance of its role will throw the spotlight on Sofaz, which is in the process of transforming itself from a conservative savings pot for excess oil revenue to a sophisticated global investor. In recent years, it has moved beyond the staid world of bonds, adding equities, gold and real estate to its portfolio. It expects to start investing in China imminently, having just received approval for a 3bn renminbi quota from

Tough times: Shahmar Movsumov, Sofaz chief Beijing, Mr Movsumov says. And it is looking to expand in private equity by making an investment in a large western fund. “This industry is completely new for Azerbaijan. We have built a world class asset management company in a country without any legacy of asset management,” says Mr Movsumov. The next step will be to open an office abroad, most likely in London, he says, although he will not say when. In the meantime, he has a domestic economic crisis to help avert. Mr Movsumov says the fund will probably be able to draw down several billion dollars without making any asset sales, thanks to the short-dated maturities of its fixed income portfolio, still 80 per cent of assets. “I think we are in better shape that any other big reserve-accumulating country. “Look what is happening in Venezuela or Iran which don’t have reserves — the fiscal impact is enormous,” he says. “The vision that was put in place is resilient, and we can go two to three years with this situation.” Jack Farchy

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FINANCIAL TIMES

Thursday 12 March 2015

Azerbaijan

Baku seeks alternatives as production declines Energy

Plans are in train to develop the state as a hub for natural gas, writes Jack Farchy

B

aku has a long history as an oil town. From “Black City”, the 19th century suburb known for its oily grime, to modern architectural extravaganzas such as the three flame-shaped towers that dominate the city’s skyline, oil has for more than a century been a central part of the identity of Azerbaijan and its capital. But now Azeri-Chirag-Guneshli, the enormous field offshore in the Caspian Sea whose development since 1994 has spurred Baku’s most recent oil boom, is moving into terminal decline. And Azerbaijan is trying to reinvent itself as a leading producer and transit hub for natural gas. Elshad Nassirov, vice-president for marketing and investments at Socar, the

state oil company, says: “We are going to compensate for the decline in the production of crude oil with an increase in the production of gas and condensate from other fields.” At the centre of this ambitious plan is the $45bn Southern Corridor project, signed with great fanfare at the end of 2013, which would deliver Caspian gas directly to Europe, starting in 2020. Little more than a year later, however, the project’s economics are under scrutiny amid a tumble in oil prices that is also dragging down natural gas prices in Europe. Two of the partners in the project, Total and Statoil, have sold their stakes since the final investment decision was signed, amid grumblings about its expected profitability. Mr Nassirov concedes that the project will be less attractive in a lower oil price environment — it would break even at an oil price of about $60 a barrel, he says, compared with recent prices of below $50. But he says there is no talk of scrapping the flagship investment: “Of course, we will be affected [by the fall in

oil prices], but not to the extent that we will cancel or postpone our big projects such as the Southern Gas Corridor.” In its efforts to keep the project on track, Socar is delaying and cancelling other projects, he says, scaling back plans for an enormous petrochemical plant and reducing spending on construction in Baku. BP, which is leading the development of the Shah Deniz II gasfield as part of the project, has already committed $10bn in contracts, says Gordon Birrell, the oil company’s regional head, making a reversal highly unlikely. The fall in oil prices has complicated things, however. Of the overall $45bn cost of developing the field and building 3,500km of pipelines from Azerbaijan to Italy, some $10bn-$12bn is scheduled to be funded by Socar and the Azerbaijani government, according to Shahmar Movsumov, chief executive of Sofaz, the state oil fund. With oil prices falling, Baku is rethinking how it will fund its share of the project, Mr Nassirov says. “We are changing our views, first of all because

Contract Talks continue When Azerbaijan signed a deal with BP and other international oil companies to develop the AzeriChirag-Guneshli field in 1994, it was dubbed the “contract of the century”. The deal has delivered spectacular wealth, with the field accounting for three-quarters of national oil production. Now the field’s future is uncertain: the 1994 production sharing agreement expires in 2024, and negotiations are continuing. Gordon Birrell, regional president for BP, says the company will continue to invest even without a new production sharing agreement, but that “it’s probably a different shape of investment profile”.

there is a new need for money with the falling prices for crude oil,” he says. “We will be using our own funds, money from the oil fund, and we will be trying to attract money from project finance.” Another problem has been thrown up by the new Greek government, which has suggested it might seek to renegotiate the terms of its involvement as a transit country for the project, creating a ripple of concern in Azerbaijan. Nonetheless, analysts expect Azerbaijan to resolve these issues. “The government views the Southern Gas Corridor as a major strategic investment for the country,” says Livia Paggi, a Central Asia and Caucasus analyst at risk consultancy GPW, adding that Sofaz may seek to issue a eurobond to help fund its commitments to finance the project. With plans to deliver 10bn cubic metres to Europe a year, the size of the Shah Deniz II project is relatively modest. Gazprom managers, who sell about 150bcm to the continent annually, have joked that it is “just about enough for a barbecue”. But Azerbaijan’s ambitions in gas

Grandiose project to put the country on the sporting world map

OPINION

Shawn Donnan

Economic promise is tied to Silk Road

Baku Games Construction and upgrade costs are in the range of $3bn-$7bn, reports Jack Farchy Baku’s national stadium is a hive of activity. In every direction, teams of workers are rushing to put the finishing touches to the 68,000-seat arena in time for the opening ceremony of the inaugural European Games in June. One group is laying the running track; another is painting the stands; yet another team is laying kerbs and planting trees in the little patches of grass outside the stadium. The mad dash to finish everything in time for the opening ceremony — a common theme of big sporting events — has acquired greater urgency in Baku’s case as the city has had less than three years to prepare, compared to the usual seven-year lead time. “It’s a remarkably short window for a project this size,” says Ron Cameron, the venue manager for the stadium. “I had my doubts when I got here, but they’ve got it all done.” Azerbaijan is no stranger to mega projects. But the Baku Games, which will run for just over two weeks from June 12, are perhaps its most grandiose project yet. The government sees the Games as the first step in a broader strategy to use sport to promote Azerbaijan’s “soft power” on the world stage. They are the first big instalment in a series of flagship sporting events that the country plans to host, from a Formula 1 Grand Prix next year, to the Islamic Solidarity Games in 2017, to several matches in the Euro 2020 football championship. There is also speculation of a bid for the 2024 Olympics. “This is the great coming-out party of Azerbaijan,” says Simon Clegg, chief operating officer of the Games. It is an expensive party, though, at a time when Azerbaijan’s government revenues are being squeezed by the slide in oil prices. The official budget of the

Games this year is 950m manat, according to a statement by the sports minister ahead of February’s devaluation, but economists estimate that the cost, including the construction of stadiums and upgrading of infrastructure, to be in the range of $3bn-$7bn. This year alone, spending linked to the Games is budgeted to account for a quarter of the government’s entire capital expenditures. “Everyone is feeling it here in terms of funding that’s available. But the government has been very supportive in terms of ringfencing funding for the Games,” says Mr Clegg, noting that the Games’s organising committee has made a “modest” budget reduction in response to the tougher economic climate. Even with reductions, the Games are still a huge logistical undertaking, featuring 20 sports, 6,076 athletes, and 759 medals. A brainchild of the International Olympic Committee, they were designed as a counterpart — the “fifth Olympic ring” — to other continental Olympic competitions held in the Americas, Asia, Africa and the Pacific. But, as the first European Games, success is not a given. “We’ve had to go to the commercial marketplace, be it sponsors or broadcasters with a blank piece of paper and a bunch of promises. There’s no track record,” says Mr Clegg. “Revenues from those sources are not what we might aspire for them to be.” Another challenge has been to attract the continent’s best athletes. Here, the organisers were stymied by the relatively late decision to hold the games in 2015 — the European Athletics Team Championships, an established fixture in the calendar, were already scheduled to be held in Moscow this June. While the Baku Games will have an athletics competition, it will not feature Europe’s best teams but instead the

Finishing line: the vast national stadium in Baku nears completion

third division, including the national team of Azerbaijan. Beyond athletics, though, the organisers are confident that the continent’s top athletes will make the trip to Baku. “There’s only ever one first European Games champion,” says Pierce O’Callaghan, director of sport at the Baku Games. As important, the organisers have succeeded in making 11 of the events qualifying competitions for the 2016 Olympics in Rio. “That means athletes will be very motivated to come,” says Mr O’Callaghan. A more difficult question is whether the Games will achieve the desired promotional boost for Azerbaijan in the world. They are likely to become a lightning rod for critics of the country’s deteriorating human rights record, with several of the country’s most prominent activists languishing in jail. In a letter to the FT from prison, Leyla Yunus, one of the country’s leading activists, said that holding the Games in

Baku would “contradict the very spirit of the Olympics”. Mr Clegg concedes that the European Games do not yet have a sufficiently high profile to attract large numbers of foreign tourists. “Realistically, many of the ticket sales will come from [the] domestic public,” he says. Among that public, though, some have already caught the Olympic bug. The organising committee has had 29,000 applications to volunteer during the Games, and has a thriving graduate scheme. The enthusiasm of the graduate trainees is contagious. “When Baku was chosen to host the Games in 2012, I was really proud,” says Turgut Qambarov, a 21-year-old member of the Games’s graduate scheme, who says with pride that he is one of only two local staff working on the timekeeping and results team. When I wake up in the morning I think: I am doing results,” he beams.

Ski resorteager to tempt foreigners to‘landof fire’ Tourism

Jack Farchy pays a visit to the slopes of Shahdag Standing at the top of a chairlift with a group of girlfriends, Aynur looks wistfully at the skiers zooming past. “I’m a bit sad that everyone else is skiing and I’m here watching, but I didn’t want to risk it,” says the 20-something Baku resident, before returning to take some more photos of herself against the spectacular backdrop of the snowy Caucasus Mountains. Skiing is Azerbaijan’s newest sport, and the recently opened resort of Shahdag is full of locals who, like Aynur, are not quite ready to try it. With state-of-the-art lifts and a

luxury hotel, Shahdag is Azerbaijan’s answer to Russia’s Sochi — or Courchevel in France or Verbier in Switzerland. The resort is a key part of Azerbaijan’s efforts to boost tourism and reduce its dependence on oil. Under the slogan “land of fire”, Azerbaijan has embarked on an ambitious campaign to market itself to the world, hoping that the Eurovision Song Contest in 2012 and the European Games this year will encourage visitors. The tourism ministry has announced plans to boost the number of foreign visitors to 5m by 2020 from just over 2m last year, most of them from Azerbaijan’s neighbours: Russia, Georgia, Turkey and Iran. On a sunny weekend in February, there was no shortage of locals and expats. But genuine tourists were rare, as almost all the visitors were weekend-

stretch well beyond Shah Deniz. Baku hopes that the construction of a pipeline to Europe will stimulate a cluster of smaller fields, such as Absheron, UmidBabek, and ACG deep, which together could double the flow of gas to Europe. In the longer term, the pipeline could also become a conduit for Iranian or Turkmen gas, making Azerbaijan a key part of Europe’s strategy to diversify its energy supplies away from Russia. But these grand plans are increasingly under threat amid falling oil prices and lower appetite for big investments among the world’s oil majors. In December, Russia threw another spanner in the works, announcing it would abandon the 63bcm a year South Stream pipeline project across the Black Sea and redirect it via Turkey instead, where, if realised, it would be in direct competition with Azerbaijani gas. While the supplies from Shah Deniz are already contracted, Russian gas could displace other Azerbaijani projects, given limited pipeline capacity, says Gulmira Rzayeva, research associate at the Oxford Institute for Energy Studies.

Smooth running: Shahdag is currently a weekend retreat

ers from Baku, a three-hour drive away. Stuart de San Nicolas, manager of Shahdag’s upmarket hotels the Pik Palace and Park Chalet, says the occupancy rate is 12 per cent. The town is busy at weekends but empty in the week. One problem is the resort’s size. “To be competitive with European markets,

we must have about 45km of slopes,” says Mr de San Nicolas. But Shahdag currently has 17km of half a dozen cruisy red and blue runs. There are other barriers to Azerbaijan’s touristic ambitions. For example, travelling to the country means a cumbersome visa application for most visitors. And, until February’s devaluation, the manat was relatively high as other regional currencies had devalued. There is no shortage of plans to attract foreign tourists. Mr de San Nicolas aims to launch package trips combining a few days shopping in Baku with a visit to the mountains. There are also plans to build a golf course. In the meantime, the residents of Baku are enjoying their new weekend playground. As Mr de San Nicolas says: “If you’re not in a selfie with Shahdag in the background, you’re not in.”

Azerbaijan’s trade statistics tell a pretty clear story about the oil-rich country’s recent economic history. Since the collapse of the Soviet Union, the government in Baku has looked west and to Europe in particular in pursuit of its commercial ambitions. The EU is the destination for almost half of Azerbaijan’s exports (about 95 per cent of which are oil and gas) and the source of more than a third of its imports. Although China is almost inescapably everyone’s biggest trading partner, it accounted for just 5.3 per cent of Azerbaijan’s imports in 2013 and did not even make the top five export destinations, according to the World Trade Organisation. But the tides of history are shifting again. Power politics are on the ascendancy in the world and Azerbaijan may just find itself a beneficiary, if only because it sits firmly in the path of China’s latest ambitions. Xi Jinping, China’s president, has made restoring the ancient Silk Road between China and Europe one of Beijing’s biggest priorities, most recently allocating $40bn to a fund to rebuild and improve infrastructure on the overland route through Central Asia and the Caucasus. The move is seen by many as Beijing’s response to a push by the US and Japan to set up their own Pacific trade bloc, the Trans-Pacific Partnership. And with good reason: Washington has unashamedly been selling that Pacific pact as its response to China’s rise and its opportunity to make sure it can beat Beijing to the punch in setting the rules of the road for the global economy. Moreover, the sales pitch in the US is much the same for an even larger transatlantic trade agreement with the EU. Why should that competition between the world’s economic megaliths matter in Baku? There are the small matters of geography and history. Azerbaijan once sat on the Silk Road, a strategically placed pit-stop for traders travelling between China and Europe or heading north into Russia and south into what is now Iran. And then there is the consensus on where the future of the global economy lies. As any chief executive of a Power politics are on multinational consumer the ascendancy in products company will tell you, when it comes to the world and expanding your business, Azerbaijan may just Asia and its emerging middle class represent both find itself a the present and the future. There are definitely signs beneficiary that Azerbaijan’s president, Ilham Aliyev, who inherited the post from his father in 2003, understands that. During a visit to Beijing in May, he endorsed Xi Jinping’s plans for a Silk Road revival as he signed a series of deals. Later this year, Baku will host the annual meeting of the Asian Development Bank, which Azerbaijan joined in 1999. It has also spent heavily in recent years on ports and roads, all in the name of improving its role as a trading link between Asia and Europe. What might stand in the way of those ambitious plans? Quite possibly those existing patterns of trade: its position on the Caspian has given it an important role in recent years as an alternative energy supplier for a Europe concerned about its dependence on Russian gas. European demand for Azerbaijan’s oil riches is unlikely to end soon. Though it may boast vast energy reserves, Azerbaijan is a relatively small pit-stop on the Silk Road. It may even be at risk of China’s grand ambitions passing it by. Maps put out by China’s state media of Mr Xi’s mooted overland Silk Road appear to circumvent the Caspian and Azerbaijan. Still, that seems unlikely. It also may represent a misunderstanding of Beijing’s grand vision. Mr Xi’s stated goal is to create an “economic belt” across central Asia and the Caucasus to Europe. His overland plans are matched by a wending maritime version that seems designed to bring as many other Asian countries into the fold as possible. For hundreds of years, Azerbaijan’s economic promise was tied to its place on the Silk Road, as that bridge between Europe and Asia. These days, it is hard to see how its plans — or promise — could lie anywhere else.